The process and the timing

A RIC application is not hard, but it has a lot of moving parts. Knowing the order helps you plan, especially if you need the money by a certain date.

The steps

1. Check you're eligible. Read the guidelines for your loan on RIC's site and use its eligibility tools.
2. Tell your bank. RIC's how to apply page lists telling your commercial lender as one of the checks before you start.
3. Gather the documents. Use the list in the last lesson. This is usually the slowest part, because it depends on your accountant.
4. Start the online application. Once you start, you have 45 days to submit before the draft expires. RIC sends reminders along the way. So don't start the form until your documents are nearly ready.
5. Assessment. RIC can only start assessing once everything is in. Its lending specialists check eligibility, look at the finances and may ask for more documents.
6. Decision. RIC approves or declines the loan.
7. Loan documents and settlement. If it's approved, RIC prepares the loan documents and arranges settlement. Your bank and the lawyers are involved here, especially around security.

How long does it take?

RIC doesn't promise a fixed time. Its loan pathway page says timing depends on demand and on each applicant's situation. It gives examples. One AgriStarter loan was approved within RIC's target average of 50 days. One Drought Loan was submitted and settled within a couple of months. One Farm Investment Loan took around four months, because of missing information and changes to security.

What slows things down

• Missing information in the first submission.
• Security. If your bank and RIC want security over the same land, a deed of priority (an agreement about who gets paid first) may be needed. That takes time between lawyers.
• Complex structures, such as trusts and several entities.
• A cashflow that doesn't add up, or doesn't match the accountant's figures.

Plan backwards

If you need the money for a feed bill or a settlement date, count backwards. Allow time for your accountant, the 45-day draft window, assessment and settlement. Starting early costs nothing. Starting late can cost a lot.

We don't arrange loans and can't promise any outcome. What we can do is build the cashflow, statement of position and plans so your application goes in complete.