RIC loan process

A RIC loan is a partnership between your farm business, your commercial lender and us, the RIC.
When applying for a RIC loan your application will follow this 4 step process.

Step 1: Application received and checked to make sure it is complete
Step 2: Your application information is uploaded for assessment
Step 3: Application assessment and decision
Step 4: Application quality assurance check and settlement
Ensure your application is complete, accurate and signed
The RIC will contact you to provide an update on the status of your application
The RIC will contact you to discuss your loan application
Your bank will be in contact during this stage to finalise settlement

Loan processing timeframes

Given the incredible spike of applications we have received, using average timeframes to track our activities is not indicative of our current performance.

All loans in the backlog are expected to have a decision by 30 June 2021 and documents issued and settlement in progress by 30 September 2021.

All new loan applications received in 2021 are being processed within the RIC’s 65 handling days, excluding third parties, for 80% of loans.