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Farmers should lock in rates now: NAB
21 Aug 2003
Farmers should seriously consider locking into long-term fixed interest rates now, according to the National Australia Bank, as rates have probably fallen as far as they will go. The NAB's agribusiness chief, Mike Carroll, said rates are very close to a 30-year low in the interest rate cycle and it's a sensible time for farmers to look at pricing their loans out to the longer term. It's now increasingly unlikely that rates will fall further - perhaps a further .25 basis points at most, but even this is looking less likely.
The NAB offers its farming customers fixed rates for up to 10 years. It also offers products in which a cap is placed on the interest rate without removing the possibility for customers to receive a rate reduction if official rates fall.
Weekly Times, 20/8/03, page 28.
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