When the Bank Says No, It’s Not Always the End of the Story

Seeding is just getting started for our crop growers, vintage is winding down for our grape growers, and hopefully, our livestock farmers are seeing happy stock with a bit of green around the place (although we’re sure most farmers are happy seeing a bit of green).

For those seeding, there are long hours ahead, looking after yourself during this time is important. Take breaks when you need, pack some good healthy food to keep your energy up, stay hydrated, and line up some good music or podcasts to help pass the hours. If you are stuck on what to listen to Laura likes the Hamish and Andy Podcast, while Deb enjoys Spotify’s “daylist” to discover something new.

Out and About – What We’ve Been Up To This Month
Not much has changed from last month. We have been busy reviewing our existing clients’ budgets and making sure they have the right facilities in place to get through the season, particularly with higher input costs and higher interest rates.

A big win for us this month has been helping a client refinance away from a bank that was unnecessarily applying rate pressure. Our initial quotes are seeing them save a significant 1.68% on their lending. We know we go on about the importance of reviewing your banking, but when we see results like this from reviewing our clients banking, it is hard not to highlight the potential savings people may be missing.

Last month we also attended the Fat Farmers Big Heart Breakfast. It was a great morning, we really enjoyed watching the members’ stories and seeing firsthand how the group has created a safe, welcoming space for farmers and non farmers alike to exercise, connect and have a chat. What started as a simple idea from a few blokes in Maitland is now making a meaningful difference in communities right across Australia.

Outside of the office, local footy and netball are back underway, Laura is playing for Moonta again this year, she is also coaching her first junior team and has quickly discovered that sorting out farmers finance is a lot easier than managing a team of 10 year olds! Deb can be seen (and often heard) on the sideline watching either Laura or her other daughter Jordy play netball for RSMU. We understand the role sporting clubs play in regional areas, providing a chance for farmers and their families to step away from the farm, switch off, and connect with others. This year we are proud to support several clubs across the Yorke Peninsula and Mid North as a way of giving back to the communities that support us.

This Months Blog: When the Bank Says No, It’s Not Always the End of the Story

Quite a few of the enquiries we receive are from businesses experiencing pushback from their current bank or difficulty securing finance elsewhere. Often it takes someone with experience in both banking and agriculture to clearly present your story. We make sure lenders are given all the information they need to make a fair assessment, because without the right information, they cannot make an informed decision.

Our latest blog walks through real examples and the outcomes we achieved for clients.

Click the below to read more.

Click Here To Read: When the Bank Says No, It’s Not Always the End of the Story

What’s Happening with Interest Rates?

The RBA met yesterday which resulted in another 0.25% lift, leaving the cash rate at 4.35%.

• CBA expects rates to remain steady for the rest of the year.
• Westpac is forecasting another rise in June and again in August, which would take the cash rate to 4.85%.
• NAB does not currently expect further rate rises this year.
• ANZ is also forecasting no further increases.

“Every rejection is simply a redirection.” — Unknown

Have a great day!!
Deb & Laura

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Latest News

Purvis AgriFinance Latest Blog: When the Bank Says No, It’s Not Always the End of the Story
If banks are not seeing the full picture, you are not alone. The right story, clearly presented, can change the decision.

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Deciding whether to buy or lease farmland comes down to your financial position, growth plans, and long term goals. Leasing can offer flexibility and lower upfront costs, while buying provides stability and the opportunity to build equity over time.