Because repaying farm loans has some unique features that can affect payment ability a NSW MP Richard Amery, when he was Minister for Agriculture had a special act passed to enable farmers and their lenders to talk over loan problems. He said he wanted to imagine a farmer and banker sitting under a tree chatting over their challenges.
Receipt of a notice from a bank threatening Farm Debt Mediation should not be seen as a problem, but as an opportunity. Sometimes farmers make more out of mediation than out of farming.
I may be worth you watching this Youtube video to see how it can work for you.
The video features Greg Bloomfield, founder of GBAC Advisory Pty Ltd which helps farmers all over Australia deal with their banks. As the song goes, “You don’t have to suffer in silence”. GBAC Advisory’s experience has been that that in farm loan disputes “The customer is almost always right.”
To find out more, email greg@gbac.com.au or phone 0428 417 496.