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ANZ suspends repayments for dairy farmers

Business

ANZ will suspend loan repayments and waive fees as part of an assistance package for dairy farmers hit by cuts to farmgate milk prices.

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Dairy producers Murray Goulburn and Fonterra recently slashed the price they pay farmers for their milk, putting farmers under considerable financial pressure.

“While the macro fundamentals in the medium and longer term of the industry remain strong, we know many of our customers are doing it tough at the moment,” ANZ general manager of regional business banking, Christine Linden, said.

The bank said it will suspend repayments on loans, including credit cards, for three months for its dairy farmer customers.

It will also waive fees related to restructuring business loans, and provide temporary adjustments to lending limits.

Dairy farmers can also get early access to term deposits without incurring any fees, while ANZ will provide access to hardship support services.

“We’re committed to working with each customer so they take advantage of the long term benefits of the dairy industry,” Linden said.

ANZ encouraged its dairy customers to visit their local ANZ branch or contact their agribusiness manager should they need help.

AAP

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