Loans to assist first time farmers or farmers looking to plan and implement succession arrangements
Agristarter LoansLast Updated: 04 March 2022
Agristarter Loans
Agistarter Loans provide farmers with loans to either assist them in starting their own farming business or to plan for and implement succession arrangements.
Application detail:
Apply at any time.
What you get?
Loans of up to $2 million.
Who is this for?
First time farmers or farmers looking to plan and implement succession arrangements.
Overview
There are 2 kinds of Agristarter loans:
- first farmer - loans for indivduals seeking to purchase, establish or develop a farm business in which they will hold the sole or controlling interest
- sucession - loans for farm businesses planning for, or undertaking succesion arrangements
Loans may be used to:
- buy an existing farm business
- establish a new farm business
- buy out relatives during farm business succession
- pay costs associated with the succession planning process
- pay for legal costs or stamp duty
What are the eligibility criteria?
First farmer loan applicants must:
- be seeking to purchase, establish or develop a farm business in which you hold or will holdthe sole or a controlling interest
- not have previously held the sole or a majority interest in a farm business (other than the recently acquired or established business in respect of which the loan is sought)
- have at least 3 years of relevant on-farm or equivalent experience
- intend to have the farm business as their principal business pursuit
Succession loan applicants must be one of the following:
- a farm business
- a farm business successor, that is you have recently inherited or will inherit an interest in a farm business, or have recently acquired or will acquire an interest in a farm under a succession plan
- a farm asset successor, that is you hold the sole or a controlling interest in a farm business, and have recently inherited or will inherit farm assets, or have recently acquired or will acquire farm assets under a succession plan
Individual applicants must:
- be an Australian citizen or permanent resident
- contibute or plan to contribute at least 50% of their labour to the farm business
- earn or plan to earn at least 50% of their income from the farm business
Farm business applicants must:
- operate as a sole trader, partnership. a trust or a corporation
- be registered for tax purposes in Australia with an Australian business number (ABN) and is registered for goods and services tax (GST)
- have the capacity to repay the loan
- have at least one member who is an Australian citizen or permanent resident
How do you apply?
Find out more about eligibility and how to apply at Agristarter Loans.