22 November 2004
Rabobank, the world's leading food & agribusiness bank and a major lender to rural Australia, has launched an innovative multi-purpose banking facility especially designed for Australian farmers.
Announcing the launch today, Rabobank's head of rural banking Neil Dobbin said the new All In One account would provide farmers with one of the most comprehensive and flexible rural banking products available in Australia.
Specially developed to suit the needs of primary producers, the product allows farmers to combine all their major banking requirements - including loan, transactional and overdraft facilities - into the one simple, consolidated and cost-effective account.
"This facility is filling a big gap in the Australian rural market," Mr Dobbin said.
"It is something Australian primary producers have been telling us they have wanted for a considerable time now and the product has been a long time in development. The bank has committed substantial time and resources into developing the best all-round rural banking product in Australia."
The facility combines Rabobank's market-leading interest-only loan with the enhancement of full transactional capabilities - including Visa debit card, cheque and internet access - in the one account.
"This is particularly good news for our clients as it will enable them to have all of their banking requirements met by Rabobank, rather than having to undertake their daily transactional banking elsewhere," Mr Dobbin said.
The new facility is one of the few banking products to have been purpose-built for the Australian rural market.
"The majority of products offered to rural consumers are actually designed for the urban market and city businesses. There are very few quality banking products specially focused on the needs of primary producers," he said.
Mr Dobbin said the product had undergone extensive market testing to ensure it met the banking requirements of the rural market.
Features of the new facility include:
- Cash funds automatically reduce loan principal to lower interest costs, while still being available when needed
- Eliminates need for costly and inconvenient interest and fund transfers between accounts
- Competitive interest rates paid when loan account in credit
- Easy local and global access to account via Rabobank Visa debit card (through ATMs, EFTPOS terminals and merchant outlets) and cheque book
- Interest-only loan period of up to 15 years
- Flexible timing of interest payments to suit peak income periods
- Choice of variable or fixed rate options
- Internet banking allowing finances to be securely and conveniently managed online
- No fees on most transactions for the farming business, including BPAY payments, direct debits, Australia-wide EFTPOS transactions and ATM withdrawals and internet banking.
Further information on the Rabobank All In One account is available by phoning 1300 30 30 33.
Rabobank Australia is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 100 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has a AAA credit rating and is ranked as one of the world's safest bank by Global Finance magazine. Rabobank operates in 35 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1900 offices and branches. Rabobank Australia is one of Australia's leading rural lenders and a significant provider of business and corporate banking and financial services to the Australian food and agribusiness sector. The bank has 44 branches throughout Australia.
Contact
For further information please contact Denise Shaw, Public Relations Manager (Tel: +61 2 8233 8744) or email on sydney.mediarelations@rabobank.com.