Feb 7, 2011
Well worth the read. Remember, rural mortgages are (generally) about 1-2% higher than residential investment loans - and theirs are MUCH bigger.
Think it's all good down on the farm? Think again. Property values are plunging, and the crisis could yet hit the cities too, reports Karyn Scherer.
Many farmers are struggling to make ends meet with an increasing number of them having to take on more debt. Photo / Thinkstock
On the afternoon of January 17, John Taylor (not his real name) decided to take some time out from the daily grind of managing his family's farm in the central North Island.
Persuaded it would be worth his while, he filled his car with gas and tootled off to a meeting of fellow farmers fed up with their banks.
Many farmers are struggling to make ends meet with an increasing number of them having to take on more debt. Photo / Thinkstock
On the afternoon of January 17, John Taylor (not his real name) decided to take some time out from the daily grind of managing his family's farm in the central North Island.
Persuaded it would be worth his while, he filled his car with gas and tootled off to a meeting of fellow farmers fed up with their banks.
Well worth the read. Remember, rural mortgages are (generally) about 1-2% higher than residential investment loans - and theirs are MUCH bigger.
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