Aussie banks show support for dairy farmers

Sally McMullen 20 May 2016

Dairy farmer

Commonwealth Bank and ANZ offer relief packages to struggling dairy farmers following a fall in milk prices.

With the recent cuts to farmgate milk prices, two of Australia’s biggest banks have announced that they’ll be offering assistance packages to farmers struggling under financial pressure. The assistance that will be offered to the farmers affected will be decided on a case-by-case basis, but both ANZ and CBA customers can expect relief packages by way of fee waivers and loan extensions.

What is Commonwealth Bank offering farmers?

Depending on their individual circumstance, CBA agribusiness customers will be offered:

  • Withdrawals of fixed term deposits before maturity without charges
  • Extensions on business or mortgage loan term agreements
  • Fees and charges waivers.

If you are suffering from financial hardship you are encouraged to contact the CBA Business Service Centre on 1300 772 968 to discuss your options. You can also contact the Department of Agriculture on 1800 686 175 for rural financial counselling and advice.

What is ANZ offering farmers?

Eligible dairy farmers under ANZ can benefit from:

  • Suspended repayments on loans, including credit cards, for three months
  • Waiver of fees related to restructuring business loans
  • Temporary adjustments to lending limits
  • Early access to term deposits without incurring any fees.

ANZ customers are encouraged to visit their local ANZ branch or contact their agribusiness manager on 0800 269 787 to discuss their options.

At the moment, ANZ and CBA are the only two banks offering these relief packages for farmers, but will report if any other alternatives are announced. This isn’t the first time either of the banks have given extra assistance to Aussies in need, with both offering suspended credit card and loan payments for victims of the WA bushfires in 2015.

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