PREMIER Ted Baillieu has announced that more young farmers will be able to benefit from a low interest loan to purchase land, livestock and equipment under a boost to the Young Farmer Finance Scheme.
Mr Baillieu announced a 50 per cent increase in the annual budget for the concessional loans scheme from $15 million to $22.5 million over the next five years.
“These concessional loans are offered to young farmers by Rural Finance at an interest rate of up to two per cent below their nominal rate for an initial period of five years, at which point the loan reverts to the commercial rate,” Mr Baillieu said.
“This boost brings the scheme into line with current land and property prices, to better assist those young farmers who take up the loans.
“We are acting to ensure young farmers are not forced to leave their traditional backgrounds because of a lack of opportunity and support.”
The announcement is in addition to new measures delivered in the Victorian Coalition Government’s first budget to actively support young people pursuing a career in Victoria’s food and fibre producing sector.
This year’s budget allocated up to $12 million to give young farmers who want to buy their first property a head start.
“Young farmers under the age of 35 who are buying their first property will be exempt from land transfer duty on the first $300,000 of agricultural land purchased,” Mr Baillieu said.
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