From submission 56 into Rural Lending by Natasha Keys - giving evidence in Roma next week.......so banks were also approving investment loans to farmers!
Lenders Providing Incorrect Loan Products for Farming Purposes......... My interest in this area is both personal and professional. In 2009 I purchased a tea-tree producing property in Northern NSW. Despite notifying my Bank that I was purchasing a farming property to commercially harvest the tea tree plantation and process the oil onsite
I was provided with an Investment Home Loan and not a farm nor business loan...............My own harrowing experience of falling through the safety net of all protections put in place is not unique.
I have since come across many other farmers who have been provided with Investment Home Loans for the purchase of farms who have suffered the same fate.
We are just one group who have not been able to refinance, nor access proper IDR, EDR or farm debt mediation simply because our lender provided an incorrect product for the purpose in which we sought that credit. There is no recognition of this issue in the current farm debt landscape.