Rural interest rate discrepancy in WAFarmers' sights

31 Mar, 2009 02:07 PM
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WAFarmers wants answers to the apparent disparity in interest rates between mortgage holders in metropolitan areas and rural borrowers.

At the weekend's WAFarmers' conference, delegates from across Western Australia moved that WAFarmers strongly supports the case for the rural sector to be treated equally with home owners and not discriminated against by financial institutions in the falling interest rate environment.

WAFarmers president, Mike Norton, said equity in interest rates was important in ensuring agriculture remained a profitable industry and could continue to build the Australian economy.

"WAFarmers has confirmed that the RBA's interest rate cuts have been promptly passed on to the housing loan sector by most major banks, but have been delayed or not passed on to the rural sector," Mr Norton said.

"There is no real reason why this should be happening and it needs to be addressed immediately to ensure there is no disparity between rural and metropolitan communities.

"WAFarmers hopes that through the compilation of anecdotal evidence and discussions with local RBA representatives, a favourable outcome for the rural sector can be achieved.

"In the interim, WAFarmers encourages farmers to shop around to ensure they get the best deal on interest rates, most suited to their individual needs."

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