Rabobank Australia has announced it will reduce the variable base rate on its rural loans by 0.25% per annum.
Rabobank Australia CEO Peter Knoblanche said the bank had undertaken a review of overall funding costs and was pleased to be able to pass on the full 0.25% rate reduction to its Australian rural lending clients, following yesterday’s Reserve Bank of Australia decision to cut the official cash rate.
“Noting that the official cash rate is one of a number of complex drivers of banks’ funding costs, we have carefully reviewed our position and are pleased to be able to pass on the full official cash rate reduction to our rural lending clients at this time,” he said.
“This interest rate cut will provide a welcome reduction in costs for farmers at a time when many in the Australian agricultural sector are bracing for a challenging winter ahead and facing high feed and other costs, after a very dry start to the year in much of the country and with a less-than-favourable rainfall outlook.”
Mr Knoblanche said the rate reduction would be effective from June 14, 2019.
Part of the Rabobank Group, the world’s leading food and agribusiness bank, Rabobank Australia is one of Australia’s leading agricultural lenders.
The Rabobank Group operates in 38 countries. Founded as a farmers’ cooperative in the Netherlands more than 120 years ago, Rabobank is still structured and run as a cooperative.
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 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 38 countries, servicing the needs of approximately 8.4 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 93 branches throughout Australia and New Zealand. Rabobank was named ‘Australia’s Most Recommended Agribusiness Bank’ at the 2019 DBM Australian Financial Awards.
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