National Wheat Advance Limits Increased - 14 May 2002

The National has today announced borrowing limit increases for National Wheat Advance customers.

These increases are in line with the Australian Wheat Board's second payment as announced on 7 May 2002, and will be available in the week commencing 27 May 2002 to customers who have selected an 80% advance.

The limits are based on the same value per tonne as the Australian Wheat Board's in all grades covered by the National Wheat Advance.

The National will draw these funds on behalf of those customers who have nominated automatic drawings. Growers who do not want these funds drawndown automatically should contact their Agribusiness Manager.

The National's General Manager, Agribusiness Financial Services, Mike Carroll said: "The introduction of competition into the harvest finance market has seen reductions to both interest rates and underwriting fees, resulting in saving to growers.

"Since the National's involvement in the harvest finance market, we have introduced flexible drawdown facilities and a tiered underwriting structure. Both have given growers the opportunity to further reduce their financing costs."

The following table shows the increased limit per tonne by grade.

*No limit increase for APH with a protein level higher than 14 percent