Jock's Blog

Interest Rates

Today the Reserve Bank of Australia cut the official interest rate by twenty five basis points down to 3 per cent.  This is the sixth rate cut by the RBA since late last year.  Yet farmers are yet to see the same level of reductions in our loans as other sectors are experiencing.

I’ve said it before, and I’ll say it again, it is imperative that rate cuts are passed on to farmers and agricultural borrowers in full and as soon as possible.

Even the Reserve Bank Governor, Glenn Stevens, has recently inferred that he is less than impressed in the way banks have been passing on cuts to commercial agricultural borrowers, compared to their mortgage customers.

The NSW Farmers’ Association is continuing to urge the Australian Government to increase pressure on agricultural lenders to pass on today’s reduction in full.

Interest rates

{ 7:53 PM, Tuesday 7 April 2009 } { Posted by Anonymous }

I am leaving Elders so called "rural" bank as they have told me that they will not drop rates at all from the loans established five years ago.
I've heard customers are leaving in droves and so they should.....