Agribusiness banking specialist Rabobank has announced it will offer a range of support measures to farming clients adversely impacted by floods and torrential rainfall in New South Wales and Queensland.
Rabobank group executive Country Banking Australia Marcel van Doremaele said early indications were that damage from the current extreme rainfall event affecting the eastern states had so far primarily been in coastal regions of New South Wales, particularly the Mid-North Coast, with reports of some livestock losses, flooded paddocks, access issues and damage to fodder crops and fencing.
"As well as the devastating impact this rainfall event has had on a number communities in northern New South Wales and southern Queensland, there are concerns about damage to agriculture, particularly in the Mid-North Coast region of New South Wales," he said. "We are keeping a close watch on the evolving situation and continuing to make contact with clients in impacted areas to offer support and gauge the extent of any damage they have sustained."
Mr van Doremaele said the bank would work directly with clients whose farms or agribusinesses had been impacted to provide support through immediate difficulties and offer a range of assistance measures in applicable circumstances.
These included:
· deferral of scheduled loan payments,
· waiver of break costs on early redemption of farm management deposits,
· waiver of fees on loan increases necessary for rebuilding operations and
· waiver of fees for equipment finance contract variations.
Any farming clients who had been impacted by the floods and had not yet spoken to the bank, should contact their local branch or phone Rabobank on 1800 025 484.
Mr van Doremaele noted heavy rainfall was also forecast for the North West and Western NSW this week, with heavy falls also being experienced in South-East Queensland.
"While we hope good rainfall totals will be largely welcomed by producers in a number of those areas, there is the concern that excessive volumes could be damaging," he said.
