PM pledges concessional loans for first farm buyers

PM pledges concessional loans for first farm buyers

Farm Online News
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Youth to get leg up into farming through Coalition loan plan

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The Coalition wants to get more young people on the land and investing in property ownership.

Scott Morrison has announced a re-elected Coalition government would create a concessional AgriStarter loans program to help new farmers purchase a majority share, or total share, of a farm.

The Regional Investment Corporation would set the terms of the loan, with the value capped at $2 million per farm investment.

It remains to be seen how the farm sector reacts to the announcement, given that state governments offer similar loan facilities to first time farm investors.

The future Coalition government would also make $500m in concessional loans available to the forestry sector.

In further sweeteners to the farm sector the Coalition has pledged an additional $10m to manage pests and weeds in hit communities and $3.5m for a Farm Safety Education Fund.

Agriculture Minister David Littleproud said young people often didn't have the capital or equity to buy a farm.

"I've always said one of my jobs as Agriculture Minister is to help get young people into farming," Mr Littleproud said.

"We've given the Rural Investment Corporation the green light to create a loan product specifically to help young farmers enter the industry.

"We need to give our rural people a reason to stay home or come home and this will help do that."

Mr Morrison outlined the Coalition's plan to grow the sector by tackling barriers to growth, drought-proofing farms, tackling intergenerational land transfer issues and expanding exports.

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