Your Legacy Livestock Finance Facility enables you to fund 100% of the GST inclusive purchase price of livestock you purchase.
First, we work with you to agree an overarching Livestock Finance Facility Limit (*) that meets your business needs.
Once your Legacy Livestock Finance Facility is approved, each time you purchase livestock send us the invoice and we’ll draw a new loan under your Legacy Livestock Finance Facility and settle the purchase invoice directly with the livestock vendor or their agent.
When you sell livestock the subject of a Legacy Livestock loan, all sale proceeds are directed to Legacy Livestock. We repay the purchase price and the associated interest for the livestock sold and pay the surplus to your bank account. We do this on a per head basis, so that the profit is paid out to you progressively as you sell down the livestock.
(*) Subject to credit assessment and approval.
You own the livestock. We are simply providing a loan to fund the GST inclusive purchase cost.
Legacy Livestock take security over the livestock we fund via a registration on the Personal Property Security Register (PPSR). We do not require a mortgage over your real estate assets. This ensures that we do not disrupt your relationship and arrangements with your bank. Our General Terms grant Legacy Livestock a security interest over all of the assets of our client and any guarantors. We also require read only access to your Property Identification Code (PIC) in the NLIS database.
an application for a Legacy Livestock Finance Facility?
The amount of information we require does vary depending on the size of the Legacy Livestock Finance Facility Limit you are seeking. Typically, we’ll need the following:
- A completed application form
- A current statement of assets and liabilities
- Your most recent financial statements
- A farm visit so that we can develop a good understanding of your business and what you are trying to achieve.
Our interest rates are a combination of the Legacy Livestock reference rate and a client margin.
The Legacy Livestock reference rate is BBSY + 6.25% pa. We update our reference rate monthly to take into account any movements in BBSY.
As we progress through the application process we assign a client margin that reflects the best possible rate we can offer you, taking all relevant information into consideration. Our client margins vary from 1% to 6.5% pa.
Contact us to speak directly with one of our team members today to get a ballpark figure of what your interest rate may be based on a few quick questions.
There is an establishment fee payable when we approve your Legacy Livestock Finance Facility.
There is a renewal fee payable at each anniversary of your approval.
These may vary depending on the size of the Livestock Finance Facility you require.
Contact us to speak directly with one of our team members today to get a ballpark figure of what the establishment fee and annual renewal fee may be based on a few quick questions.