Joanne applied for an AgriStarter Loan as part of her family’s farm business succession planning. She was well prepared, had all her financial information lined up and had engaged with her bank and had their endorsement, so her loan application was approved within our target average of 50 days. RIC and Joanne’s existing bank then agreed to the loan security position, following which the settlement date was booked for around six weeks later due to the succession plan involving Joanne purchasing property from her parents. Overall, including the property settlement period, Joanne’s loan application took several months to complete.

Lynda and Victor applied for a Farm Investment Loan for their large cattle and cropping farm business following the cumulative financial impact from a bushfire and a flood. Their loan application was missing financial information on submission. Their family trust ownership structure was also complex which meant their accountant needed additional information before being able to finalise tax returns and financial statements and provide them to the RIC to continue with assessing their loan application. Once they were able to complete their RIC loan application for assessment it was approved. They hadn’t told their bank they were applying for a RIC loan. Their bank initially wasn’t comfortable with the proposed security arrangement so they then needed to buy out Lynda’s sister’s share of an additional security property, which required valuations, additional bank funding and transfer of ownership before they could negotiate their security position and obtain final approval from their bank to share security with RIC. Finalising the changes to security and preparation for settlement caused further delays. Their loan took around four months in total to complete.