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National Australia Bank (NAB) believes the majority of farmers struggling with the drought are viable in the long term, and is urging all those affected to see their financial advisers sooner rather than later to consider their options.
NAB General Manager Agribusiness Wayne Carlson said the earlier budgets, cashflow, potential income and necessary expenditure are reviewed, the more choices are available.
"NAB Agribusiness Managers will continue to work with customers on the financial consequences of continuing dry conditions," Mr Carlson said.
"Our assessment of credit risk is based on a long-term outlook. We look at a farm's viability beyond one-off bad seasons. Therefore, we don't expect deterioration in customers' credit ratings or increases in risk margins.
"As Australia's leading provider of rural finance, NAB is well aware of the impact drought is having on customers, and we want them to be aware that we would like to help wherever possible."
NAB is ready to provide practical assistance and consider a range of solutions on a case-by case basis, such as:
- Providing interest only facilities
- Providing additional carry on finance to cover cashflow shortages
- Restructuring existing loans free of additional bank related fees
- Extending the terms of facilities as required
- Waiving fees and charges for customers needing to access term deposits
" Utilising other financial management strategies that will assist customers to work through short term cash flow issues
"The Federal Government, in announcing continuation and enhancements to their assistance package, have acknowledged some 38% of Australia is now drought declared," Mr Carlson said.
"It is important that those primary producers affected also work with the relative agencies in regards to the benefits that may be available to them.
"Many of our Agribusiness Managers come from the land or have been working with farmers for many years and they all recognise the extent of the impact on customers and understand their sense of loss."
About NAB Agribusiness
The National Australia Bank (NAB) employs more than 550 agribusiness banking specialists at over 110 regional locations Australia wide. The Agribusiness team at NAB is a leader in providing agribusiness banking services to Australian rural businesses, agriculture, forestry and fishing industries. It serves customers across Australia ranging from small family farming enterprises to large multinational operations.
For further information, please contact:
John Fergusson
Corporate Affairs
National Australia Bank Limited
M 0407 826 952
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