REgarding the recently announced/promised $2m loan for first farm buyers, there has not been a lot of detail surrounding the announcement. However, as they were announced to be run by the Regional Investment Corporation (RIC), they may have similar details as the two loans they currently administer - Farm Investment Loans and Drought Loans. These have a 3.58% variable interest rate and the bank will need to refinance the amount left on the RIC loan at the end of the 10 year loan period.
In regards to other state options, I have found options in Victoria and Qld only:
- Victoria: Young Farmer Duty Exemption: Exemptions and concessions on duty for farmland valued up to $750,000 are available for young farmers (under 35) in Victoria.
- Queensland First Start Loan: Up to $2million, up to 20 years, low interest rates fixed for 1,3 or 5 years. This may be superseded by the RIC loan in future?
Hope that's helpful,