Westpac flood help for farmers
Following Deputy Prime Minister John Anderson’s call for flood victim assistance from the big banks, Westpac has announced an extension of its Drought Policy to include circumstances such as multiple failed crops. NSW farmers affected by the recent floods will benefit from Westpac’s newly revised policy. Under the new changes, Westpac will:
- Provide ‘carry on finance’ to viable farming operations to keep businesses running and to enable crops to be sown and livestock programs to recommence.
- Freeze risk margins for primary producers who receive interest rate subsidies through government assistance schemes.
- Support for farmers wishing to leave the industry to facilitate the best possible realisation of their assets.