Your Banking Relationship

Keep your bank informed

While it is important that you know the performance and efficiency of your own farm it is also important to let your bank know how your business is performing. We encourage you to keep us informed on how your business is doing - because the more we know about your business, the more helpful and supportive we can be.

What your Bank may require when applying for farm finance

Planning for the long term future of your farm is key to your continued success. When approaching a financial institution for finance it is important that you supply the Bank with the necessary information to allow them to firstly understand your business and secondly ensure that the correct financial structure is put in place to meet your specific banking requirements. There is certain information a bank may require from you when they are assessing a loan application. This includes:

1. Farm business plan including details of farm finance required the purpose of the finance and the proposed repayment schedule e.g. initial 18-month interest-only period followed by 15-year term. Ideally, this plan would include income and expenditure projections and cashflows budgets.
2. Up to date financial accounts for 2-3 years.
3. A farm profile including details of land farmed, production system, livestock, farm machinery & existing financial commitments.
4. There may be other information required by the bank if you are currently banking with another financial institution such as up to date bank statements.

   A well prepared proposal will enhance your application and support the banks understanding of your future plans.

   Cashflow difficulty

   If you are experiencing a short term cashflow issue or have a short term income problem it is important to make early contact with your local branch. This will allow your branch to work with you to develop an appropriate approach to minimise the financial impact on your farm business and household.

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