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 Bank of Melbourne 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.
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.