Friday, December 12, 2014 - Posted by Michael McCulloch
The ANZ have announced today that a 12 month moratorium will be granted on the sale of farms in drought stricken areas in both Queensland and New South Wales.
The announcement builds on the existing support available to drought affected farms in Queensland and New South Wales and includes:
- A moratorium period on new farm repossessions until December 2015;
- A 12 month commitment not to increase interest rates on distressed farms and interest rate relief in cases of extreme distress;
- Financial assistance to support farmers choosing to relocate off the land; and
- Increasing funding for rural counselling focused on towns hardest hit by drought.
We see this as a positive move by the ANZ and hope that Government intervention isn't required for other Mortgagees to extend similar support to farmers.
Download and read the ANZ Media Release via their website here