The United Australia Party would introduce federal legislation protecting rural producers from banks, federal leader Clive Palmer announced today.
“We have seen many farmers lose their properties and homes even though they met the required interest repayments,” Mr Palmer said.
“We know the heartless banks have revalued many properties during the drought and have made rural producers top up loans to protect their positions.
“Finding large sums of capital at these times is near impossible with devastating consequences such as family break-ups, farmers leaving the land and suicide.”
Mr Palmer said this unfair behaviour by the banks needed to stop immediately.
“Today the United Australia Party announces that our policy once elected will be to introduce legislation that stops banks from taking farms if minimum interest payments are being met.
“The practice of insisting on huge capital payments on top of this will be outlawed.
“No mortgagee will be foreclosed on farmers doing the best they can,” Mr Palmer said.