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BANKS PREYING ON THE VULNERABLE- AGAIN & AGAIN

Posted by on in Bankers A Law Unto Themselves
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Wheatbelt farmers on back foot with banks

JESSICA HAYES Sat, Mar 22 2014

 

BANKS are likely to turn up the heat on embattled central and eastern Wheatbelt farmers in the coming season.

According to Rural Financial Counselling Service representative Chris Wyhoon, the good season in 2013-2014 did not make a positive difference to most of his clients.

Mr Wyhoon attends to central, north and eastern Wheatbelt clients, and said banks were more keen to sell properties in areas where it was perceived there was an improved chance of a sale on the back of a good season.

"There is a bit of activity out there but largely our clients are in the same spot and there is a lot of stress at the moment," Mr Wyhoon said.

"Obviously they didn't enjoy that good season to start with, but their problems are more complex.

"It isn't just one or two bad years; it has been going on for some time, and there are other complexities around it.

"There are many circumstances that have got us to this point and it is going to take more than one good year to get them out.

"It's not just the bank debt, some farmers owe CBH for the past few years, chemical bills from last year haven't been paid and land prices have softened a bit."

Mr Wyhoon said banks were getting more "antsy" than in previous years.

"Last year I think there was a general acceptance from all parties that you couldn't sell farms at any price," Mr Wyhoon said.

"It was hardly worth spending the money on real estate advertising if it wasn't going to sell.

"This was money clients didn't have so the banks had to provide it as increased lending."

Mr Wyhoon said there was only a small amount of buyer interest.

"I could count on one hand how many clients have people talking about buying, and only one has sold," he said.

Mr Wyhoon said it would be a further few months until banks had completed their reviews, but all indicators were that expectations and pressure from the banks wouldn't ease for some businesses.

"I personally am seeing more stepped up pressure from the banks this year than last year," he said.

"And in terms of our year – and dealing with the banks – we are only part way through it."

From a social and mental health perspective, Mr Wyhoon said the situation was more concerning than at the same time last year.

"When everyone is doing it tough I guess they all join together as an industry, they try to cope the best they can and they do have the attention of the government and the rest of the State," he said.

"But when 85 per cent of the State has a great season, it seems that everyone else is fine and the storm is over, but the other 10 to 15pc are out there saying, 'Hey what about me? We are not good'.

"They actually feel quite marginalised and sense nobody is hearing them.

"That is why we actually have to be more careful and let them know we aren't forgetting the guys out there and we do know it is tough." KEEP KICKING THEM WHILE THEIR DOWN BANKS!!!

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