Shining the spotlight on bank interest rates

Farmers will no longer be in the dark on their agribusiness loan rates, with the National Farmers’ Federation (NFF) today releasing the first NFF Agribusiness Loan Monitor. The Monitor compares the agribusiness loan rates of the major banks and other financial institutions to shed light on bank rates and products, helping farmers and rural business operators to make decisions on the most suitable financial solutions. “Farmers are adept at managing risk in many areas of their businesses, particularly when it comes to weather and seasonal conditions, but like all business owners, we rely on having up-to-date and relevant information available to help make management decisions,” NFF Economics Committee Chair John McKillop said. “Until now, there has been very little by way of information about agribusiness loans, making it almost impossible to know how one farm loan compares with others in the market – and as a result, making it difficult to have confidence in the products selected for farm businesses. “The NFF Agribusiness Loan Monitor is designed to change this by making the market more transparent. We are giving farmers the opportunity to compare all the products on the market so they can make informed decisions about banking products, loan rates, and portability options should they decide to switch banks,” Mr McKillop said. The first NFF Agribusiness Loan Monitor compares rates for June 2011. The Monitor will be published each month by the NFF following the Reserve Bank of Australia (RBA) rate announcement. The Monitor is produced in conjunction with Canstar Cannex and will shadow RBA movements and the responses from the major banks and other financial institutions, including ANZ, Bananacoast, BankSA, Bankwest, Commonwealth Bank, NAB, Rabobank, Suncorp and Westpac. To view the June NFF Agribusiness Loan Monitor please http://www.nff.org.au/publications.html#cat_2119/[click here.]