Eighty-five per cent of new loan applications are being processed by the RIC within 30 days (excluding third party processing timeframes).
RIC loan process
A RIC loan is a partnership between your farm business, your commercial lender and us, the RIC.
Before you apply
- Speak with your commercial bank to let them know you're interested in a RIC loan.
- Contact us if you have any questions.
What is the loan application process?
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Submit your loan application
After you submit your completed and signed application, we check if all necessary information is provided. We will contact you if anything is missing.
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Your application is assessed
We will contact you, your rural financial counsellor and commercial bank to understand your business and confirm details.
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Decision and documentation
If your application is approved we prepare documents for signing including the deed of priority. If it's declined you can appeal that decision.
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Settlement
We arrange settlement with your bank and deliver the agreed funds.
How long will my loan application take to be assessed?
What happens next?
Decision Review
If you disagree with our decision on your loan application, you can request a review.
- Make sure you submit a request in writing within 30 business days of receiving the decision notice.
- Within 30 business days of receiving a request for a review we will make a Determination and advise you of the outcome.
- The reviewer will be a person not involved in the making of the original decision.
- A Determination is a final decision, there is no further appeal process.
Loan Reviews
Once you have a RIC loan, we will periodically check to see how you're progressing.
- The time between reviews will vary depending on your financial position and the amount borrowed.
- We'll let you know if there is any information we need and arrange a time to discuss the loan with you.
- After the meeting, we will complete an assessment with any new information you provide.
- We will then notify you of the review outcome.
Variations
If you need to change your loan agreement and/or your security with us, you'll need to submit a Variation Request.
- Please provide us with as much notice and detail as possible.
- Processing times depend on the complexity of the variation, timely receipt of all relevant information.
- If your variation relates to a full discharge, please download, complete and attach a Discharge/Release Authority form to your request.
- Allow 30 days for a full discharge request.
Maturity
At the end of your loan term you will need to make arrangements to repay the remaining debt.
- We'll contact you 90 days prior to your loan reaching maturity.
- You can choose to repay the residual of the loan, or refinance with your commercial bank.
- After you repay the loan, we will discharge our interests in your loan security and close your file.
Decision Review
If you disagree with our decision on your loan application, you can request a review.
- Make sure you submit a request in writing within 30 business days of receiving the decision notice.
- Within 30 business days of receiving a request for a review we will make a Determination and advise you of the outcome.
- The reviewer will be a person not involved in the making of the original decision.
- A Determination is a final decision, there is no further appeal process.
Loan Reviews
Once you have a RIC loan, we will periodically check to see how you're progressing.
- The time between reviews will vary depending on your financial position and the amount borrowed.
- We'll let you know if there is any information we need and arrange a time to discuss the loan with you.
- After the meeting, we will complete an assessment with any new information you provide.
- We will then notify you of the review outcome.
Variations
If you need to change your loan agreement and/or your security with us, you'll need to submit a Variation Request.
- Please provide us with as much notice and detail as possible.
- Processing times depend on the complexity of the variation, timely receipt of all relevant information.
- If your variation relates to a full discharge, please download, complete and attach a Discharge/Release Authority form to your request.
- Allow 30 days for a full discharge request.
Maturity
At the end of your loan term you will need to make arrangements to repay the remaining debt.
- We'll contact you 90 days prior to your loan reaching maturity.
- You can choose to repay the residual of the loan, or refinance with your commercial bank.
- After you repay the loan, we will discharge our interests in your loan security and close your file.