National passes on interest rate reduction to wheat growers - 6 April 2001
Friday, 6 April 2001
National Australia Bank has lowered interest rates for wheat growers, following the Reserve Bank's move on Wednesday to reduce the official cash rate by 50 basis points.
Mr Mike Carroll, the National's General Manager, Agribusiness, said all interest rates applying to National Wheat Advance would fall by the full 0.5% from Monday, 9 April, 2001.
National Wheat Advance was launched in November last year to offer growers an alternative to the AWB's Harvest Payment. It allows growers to deliver their grain to the AWB pool, receive funds in advance of the pool being sold and have a minimum payment guaranteed.
"The National's new, low interest rates and competitive underwriting rate make National Wheat Advance a very attractive financing option for growers," added Mr Carroll.
National Wheat Advance interest rates from 9 April:
| $1 < $100K | 7.45% pa. |
| $100K < $200K | 7.15% pa. |
| $200K < $400K | 6.85% pa. |
| $400K + | 6.60% pa. |
Media Enquiries:
Majella Allen
Media Relations
Tel: 03 8641 0936
Mob: 0410 440 305
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
