Northern Territory pastoralists and farmers can now apply for concessional loans as part of the Federal Government's Farm Finance package.

Five year loans for between $250,000 and $1 million will be available for Northern Territory farmers and pastoralists for debt restructuring.

NT primary industries minister Willem Westra van Holthe, said the loans would be of significant assistance to the Territory’s agricultural community.

“These loans aren’t for new debt—rather they help farm businesses by refinancing existing debt at a lower rate of interest,” Mr Westra van Holthe said.

“This isn’t throwing good money at bad; this is about maintaining viable industries that have been rattled by drought and the live export ban.

“For some of the Territory’s smaller farming and pastoral families, Farm Finance will mean the difference between walking off the land and rebuilding long held family businesses. The Territory thanks the Commonwealth for their assistance.”

Minister for Agriculture, Barnaby Joyce said the Northern Territory was the final jurisdiction to open for applications.

"its great to see this program rolled out across Australia – I said I would deliver a loans package for Australian farmers and I’ve worked hard to make this happen.

“I know farmers and pastoralists are self-reliant and resilient, but I encourage farmers and pastoralists not to self-assess and to talk to an expert or a rural financial counsellor soon about their eligibility for a concessional loan.”

The loans are being delivered by QRAA and information is available from the Northern Territory Department of Primary Industries and Fisheries.

Source: NT minister for primary industries, Federal agriculture minister. For more information and to apply, visit www.nt.gov.au/d/primary_industry/ or call 08 8936 4089.