The results and reports from the September Henty Machinery Field Days (HMFD) augur well for the agricultural sector. Indications that many operators may be considering upgrading farming equipment and as such, require agricultural machinery finance. In a timely update following the Henty Field Days, Jade Finance shares information on securing cost-effective agricultural machinery finance options.
Field day events are excellent opportunities for the ag sector to connect directly with machinery manufacturers and dealers and select new equipment for their operation. But where the finance has not been pre-arranged, buyers may need to postpone orders until that finance is secured. We provide prompt and efficient broker-style services to assist farming and agricultural operators achieve the cheapest interest rate finance.
Reports from Henty Event
The Henty event in September came after a two year absence and was received with huge interest. So much so, that organisers were forced for safety reasons to close the gates, even to ticket-holders, on one afternoon. Record numbers attended with promising reports on sales from machinery exhibitors.
Organisers have reported that visitor numbers broke records at 70,000. Over 800 exhibitors were present over 1200 sites. As the event is a not-for-profit initiative, monies derived from the days went to community organisations in the local area for infrastructure and for requirements around social capital.
Ms Belinda Anderson, HMFD CEO, noted that the massive interest came after several seasons of above-average results and with commodity prices at record levels. Organisers reported that sales of both services and products were large with CASE in particular reporting the three days delivered sales of tractors.
Such was the interest that a delegation on trade attended from Argentina, as did the Minister for Regional Development, Ms Kristy McBain, with a special announcement.
The event include presentation of a number of awards. The award for the Machine of the Year went to Macdon’s Flex Draper FD2. The See and Spray from John Deere received a highly commended gong. Australian built and designed machinery also received special awards. This year that honour went to the Ezy Feeder by Daniel Draper.
Overall, the field day was hailed a great success and planning for the 2023 event is already in the planning stages.
Launch of Regional Development Plan
At the field day, Kristy McBain MP launched a strategic plan covering 2022-25 for Regional Development for the Murray region. This strategic plan, which involved State, Local and Federal government in its development will address a number of key issues for the region. This include helping with the identification of opportunities; managing growth pressures; infrastructure requirements; and the economic development.
Launching the plan with Ms McBain, the RDA Murray CEO Edwina Hayes said digital connectivity, workforce, housing and increased technology uptake were fundamental to this strategic plan.
Those interesting in knowing what the strategic plan may present by way of opportunities for their operation can access more details at the Regional Development Australia Murry website.
Finance for Agricultural Machinery
While most operators in the farming and agricultural sector would have sourced finance previously, there are a few points we would like to highlight for those requiring machinery finance at this time:-
- The equipment lending sector is quite extensive and includes both the major banks as well as non-bank lenders that specialise in equipment finance.
- Some non-bank lenders do not offer services directly to businesses but through brokers such as Jade Finance. We are accredited with many lenders so we can offer clients the cheapest rates sourced from a wide choice of the market.
- The non-bank sector can be more flexible when it comes to negotiating on interest rates and those sometimes sticky loan conditions.
- Interest rates on agricultural machinery finance will vary within the lending sector. Equipment rates also vary across industries. So the rates advertised in general by some lenders may not necessarily relate to the ag sector.
- Further increases in the official cash rate may be expected from the RBA in coming months. Acting quickly on finance requirements may ensure a cheaper rate.
- The accelerated asset depreciation measure of temporary full expensing is only available on eligible assets for eligible business until the end of this financial year. This tax measure offers significant benefits to businesses and could be worth investigated whether it is suited to your business. We’ve provided additional information in our News section.
While Chattel Mortgage is considered most suitable for businesses looking to realise the benefits of temporary full expensing, we offer the full range of commercial finance options for agricultural machinery acquisitions:-
- Machinery Lease
- Commercial Hire Purchase
- Rent to Buy
- Chattel Mortgage
For operators in post-field day planning to upgrade to new farm machinery, we can assist with sourcing the best interest rate finance quote and structuring the finance to ensure it represents a cost-effective option to deliver genuine ROI on the asset acquisition.
Contact Jade Finance 1300 000 008 to discuss agricultural machinery finance options
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.