Relief for farmers on floating interest rate
ANZ says the latest cut to its floating rates will be welcome news to many of its business and agri customers still feeling the effects of high inflation and interest rates.
Maybe when you’re sitting on a $600 million pile, you can afford to risk upsetting the lending set, but more than a few farmers seem to agree with the sentiment.
In the latest Federated Farmers bank survey they added a new question: ‘Do you think New Zealand banks are presently demonstrating a positive commitment to support farming through difficult periods of high interest rates?’
Feds’ Richard McIntyre says it’s “incredibly disappointing” that only one in five farmers responded with a ‘yes’ to that question.
“At a time when farmers are really struggling, I would have hoped to see our banks stepping up to help, but instead they seem to be tightening the screws.”
