National to provide extra Wheat Advance funds - 12 September 2002

Thursday, 12 September 2002

National Australia Bank today announced it will make additional loan funds available to growers under the National's Wheat Advance facility.

"The availability of additional funds is being made at an extremely difficult time for agribusiness and growers, with severe drought conditions being experienced around the country," said Mike Carroll, the National's General Manager, Agribusiness.

"Growers wishing to take advantage of additional funds can make their drawdown conveniently using National Internet Banking or by contacting their local Agribusiness Manager.

"The National will be writing to growers to advise them of their increased limits and how to take advantage of a further drawdown should they wish to.

"Growers should note that they are under no obligation to utilise this facility, should extra funds not be required at this time. This will ensure that growers save on interest and avoid the inconvenience and cost of having to return unnecessary loan funds," Mr Carroll added.

The additional payment will be in the order of $5.00-$20.00 per tonne depending on grade; is calculated using the weighted average protein level in each grade; and is tiered to a grower's nominated underwriting level.

The funds will be available for drawdown in the week commencing Monday, 16 September 2002.

* 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