Farmers benefit as rural loan body RIC cuts its interest rates

RIC CEO: Bruce King. Photo: Supplied
RIC CEO: Bruce King. Photo: Supplied

Farmers will benefit from a loan rate cut offered by the government's rural loan body, the Regional Investment Corporation.

RIC CEO Bruce King said the variable rate would drop 0.47 per cent to 3.11 per cent from August 1.

"On average our rate is 2 per cent lower than the commercial lenders," he said.

The RIC's water infrastructure loan rate will also drop from 3.12 per cent to 2.65 per cent from August 1.

"In the past financial year we've approved 172 loans to the value of close to $166 million. Smart farmers are finding it hard to turn away from the savings and opportunity our loans present," he said.