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Case study: agriculture, Queensland

A Queensland organic grower gets the crops in the ground while the insurer takes its time.

A massive storm damaged the farm's equipment. The insurance claim was moving slowly, but the planting season was not going to wait.

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insurance payout bridging loan case study

The situation

A Queensland grower of organic fruit and vegetables lost equipment in a massive storm. The damage was insured and the claim was lodged, but insurance claims move at the insurer's pace: assessors, quotes, reports and approvals, one after another. Weeks turned into months.

Farming does not pause for paperwork. There were crops that had to go in the ground in their window, and the business needed money for equipment and inputs to make that happen. Miss the window and the damage from the storm would have rolled into the next season's income as well.

Why the usual options did not fit

  • Waiting for the insurer: not an option with a planting window closing.
  • A bank loan: a long application for what was really a timing problem, with no certainty it would be approved in time.
  • Rural security: the grower preferred not to put the farm itself on the line for a short gap.

What Equity Tap did

The grower owned a holiday property at Hervey Bay. We lent against that property instead of the farm, as a short-term loan with the insurance payout as the exit. No valuer had to visit, and there was no request for financials or bank statements. The assessment focused on the property, the purpose and the insurance claim that would repay us.

The outcome

  1. The money arrived in time to keep the farm working and get the crops planted.
  2. The insurer eventually settled the claim.
  3. The insurance payout repaid the Equity Tap loan.

It is a good news story, and a very common one for us. Businesses waiting on an insurer to settle a claim often need things fixed or restarted now. A short-term loan covers the gap and the claim repays it.

Waiting on an insurance claim?

Read funding while you wait on an insurance payout, or tell us about the claim and the property you could use as security. Call 1300 123 024 to speak with the person who decides.

Frequently asked questions

Can I borrow while waiting for an insurance payout?
Yes. Equity Tap lends short term against property so a business can repair, replace or restart now, and the insurance payout repays the loan.
Can the loan be secured against a holiday home instead of the business property?
Yes. In this case the grower used a holiday property at Hervey Bay as security. Residential or commercial property anywhere in Australia can be considered.
Do you lend to farmers and growers?
Yes, for a business purpose and with acceptable property security, such as a home, holiday home or commercial property.
What if the insurance claim takes longer than expected?
Terms run from one to twelve months, so the loan can be set with room for a slow claim. We talk through the timing at the start.
Did a valuer need to visit?
No. Equity Tap does not order a valuation before approval, so nobody has to meet a valuer at the property.

Brokers: send the scenario through the Equity Tap broker channel and you will deal with the same lending team.

Clear answer. Fast.

Tell us what needs to happen, and when.

A lending specialist will assess the property, the business purpose and your exit strategy.

Let's Get Started