Agribusiness banking specialist Rabobank has announced it will offer loan clients assistance towards offsetting interest on their farm management deposits (FMDs) against loan interest.
Rabobank Australia CEO Peter Knoblanche said clients would receive further details on the bank’s FMD offset solution – which will involve an adjustment for eligible customers with farm management deposits and rural loans – in coming weeks.
“The bank has reviewed its product offering – particularly in light of the current severe dry conditions facing farmers in parts of the country – and is pleased to advise it will implement a solution to assist loan clients to offset interest on their FMDs against their loan interest,” he said.
“This benefit will be in addition to other options the bank’s clients already have to manage their interest costs through their flexible specialist rural loans.”
The bank last week announced a range of measures it has in place to support clients impacted by current drought conditions, and confirmed it will not apply higher (penalty) interest rates on loans in default due to drought and in cases of natural disaster.
Any clients struggling with the impacts of drought, who were not already speaking to the bank, should contact their local rural manager or branch or phone Rabobank on 1800 025 484.
Rabobank Australia & New Zealand Group is a part of the global Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has nearly 120 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 40 countries, servicing the needs of approximately 8.6 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 94 branches throughout Australia and New Zealand.
Media contacts:
Denise Shaw
Head of Media Relations
Rabobank Australia & New Zealand
Phone: 02 8115 2744 or 0439 603 525
Email: denise.shaw@rabobank.com
Skye Ward
Media Relations Manager
Rabobank Australia
Phone: 02 4855 1111 or 0418 216 103
Email: skye.ward@rabobank.com