Drought Assistance Package
We will be introducing the following for our Agribusiness customers:
- Creation of a $100 million fund to provide carry on finance loans of up to $1 million to existing eligible BankSA agribusiness customers at a heavily-discounted variable interest rate1
- Giving drought-impacted customers the option to defer principal and interest repayments on existing business term loans and equipment finance for up to 12 months2
- Offering an interest adjustment for our customers with Farm Management Deposit (FMD) to effectively offset FMD balances against their eligible business loans3.
Protection Plans Drought Assistance Package
Drought Assistance for Protection Plans Life Insurance customers
From January – September 2019, the Drought Assistance Package was offered to eligible farmers in NSW and QLD holding Protection Plans life insurance.
Effective 1 December 2019, due to the impact of the ongoing drought, this package is being re-launched across all of Australia.
The purpose of the Drought Assistance Package is to offer premium relief to farmers while helping them maintain their existing life insurance policy. Eligible Protection Plans policyholders will receive a 3 month premium waiver on all policies, including those in super. Policies will continue to provide cover while premiums are being waived.
Eligible Protection Plans policy holders can apply for this assistance between 1 December 2019 - 30 June 2020.
Drought relief resources
For more information
1 Business Loan terms of up to 3 years at a customer group level.
2 During the 12 month deferment of interest repayments, interest will continue to be applied to the loan balance.
3 The interest adjustment will be applied to those customers who accept the offer and will be calculated for the current financial year based on the relative balances of the farm management deposit and the eligible business loans.