Rabobank announces support for farming clients affected by NSW Mid North Coast floods

Rabobank has announced a package of support measures that will be made available to farming clients dealing with the impacts of devastating floods along the NSW Mid North Coast.

Rabobank state manager for NSW Toby Mendl said the specialist agribusiness bank has a range of measures in place to support clients dealing with the “record-breaking floods” across the region.

He said this support would be extended to other parts of NSW, as needed, where flooding and localised intense rainfall is impacting other areas within the state.

Mr Mendl said the record-breaking rainfall had generated massive flooding in Mid North Coast rivers, with agricultural producers facing lost produce – chiefly milk, given restricted farm access – livestock losses and damage to farm infrastructure, fencing, pasture and crops.

“It is too early for many farmers to account for the full extent of the damage,” he said. “As farmers start the task of recovery and rebuilding from the floods in the coming weeks, the full scale of the damage will become clearer.”

“Livestock welfare is a key concern for farmers and the high-water levels are delaying farmers accounting for livestock,” Mr Mendl said. “Many rivers are still too high for farmers and support personnel to be able to access paddocks and assess stock and their condition.”

Mr Mendl said many farmers across the region have been isolated on their properties, experienced water through their homes and farm buildings and had non-fixed assets carried away by floodwaters.

“The challenge, particularly for dairy and beef farmers, in the flood-impacted areas will be sourcing fodder for their stock, as flood-damaged pastures will be slow to recover through the winter months,” he said.

Mr Mendl said additional concerns for farmers include potential damage, or loss of access, to road networks – which could affect the movement of goods into and out of the region and are critical to the local dairy sector.

Mr Mendl said while the full impacts on agricultural operations and production in the region wouldn’t be known until flood waters fully subside, Rabobank’s staff had been making contact with clients to determine how the bank could provide support.

He said the bank would work directly with individual clients whose farms or agribusinesses have been affected to provide support and offer a range of assistance measures in applicable circumstances.

These included:

• ‘carry on’ finance to keep viable operations running,
• waiver of break costs on early redemption of Farm Management Deposits to allow access to needed funds,
• deferral of scheduled loan payments and
• waiver of fees on loan increases necessary for rebuilding operations.

Mr Mendl said Rabobank’s (All in One) rural loans were also specifically designed for farmers to provide financial flexibility to manage through times of difficulty by having the option to choose whether a repayment has the effect of reducing the loan limit and the option to apply for a fixed interest option over the whole or part of the facility.

“They are flexible, generally interest-only facilities, which allow agricultural operators to opt to pay principal reductions when they choose, which is of particular benefit in times of reduced cash flow due to adverse circumstances, such as floods,” he said.

Mr Mendl said while the bank’s rural managers were reaching out to clients in affected regions, he encouraged impacted clients to contact Rabobank where assistance was needed by contacting their local branch or phoning the bank on 1800 025 484.

Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 125 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 87 branches throughout Australia and New Zealand.