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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
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