Release the equity in your upcoming wool clip now.
With the current strong wool prices, we understand that wool growers are holding a large amount of equity in their wool clip in the months leading up to shearing.
To provide you with the financial flexibility you need to manage your on-and off-farm expenses, Elders brings you the WoolPlus advance facility. This facility provides eligible growers with access to up to 50% of expected wool proceeds in the six (6) months prior to wool sale.
Easy application process.
If your business meets the criteria, simply fill in the application form available from your local Elders District Wool Manager (DWM) and complete the NLIS third party authorisation form.
Once approved, the funds will be deposited in your nominated bank account. Your DWM will need to be notified of any material changes in your stock or business activity during the term of the loan. Repayment of principal and interest automatically occurs from your wool sale proceeds.
Financial Statements are to be provided with the application and will be assessed by the Elders Credit team.
Where confidentiality is an issue, financial information may be provided separately and directly to the Elders Credit Team.
Please note that a WoolPlus facility cannot be run in conjunction with a Shear Cents or Shearing Advance facility.
Up to a maximum of six (6) months prior to estimated shearing date.
Interest will be charged at a rate of 12% per annum from the date the Advance Amount is paid to the Applicant until the Advance Amount and all accrued interest is repaid to Elders.
There are no account fees on WoolPlus facilities.
Elders requires applicants provide third party access to their NLIS account to authorise us to track any mob based movements on relevant Property Identification Code numbers.
Terms & Conditions
The Applicant applies to receive an advance of funds using the wool describe in the Application Form as security (a WoolPlus Facility) from Elders Rural Services Australia Limited (Elders). Elders is prepared to assess that application, and if approved, to provide the Applicant with the Advance Amount requested on the Application Form on the terms and conditions set out below (Terms).
1. The Applicant must immediately on completion of shearing the wool subject to the WoolPlus Facility (the Wool Clip) consign to Elders at the wool centre indicated on the Application Form.
- 2. The Applicant must immediately notify Elders when shearing of the Wool Clip occurs.
3. The Applicant acknowledges and agrees that Elders may deduct the sum of the Advance Amount and all interest accrued thereon from the first available proceeds of the sale(s) of the Wool Clip.
4. Interest will be charged at a rate of 12% per annum from the date the Advance Amount is paid to the Applicant until the Advance Amount and all accrued interest is repaid to Elders.
5. Elders may set off against any monies that Elders owes to the Applicant any monies that the Applicant owes to Elders.
6. These Terms form a security agreement for the purposes of the Personal Property Securities Act 2009 (Cth) (PPSA). The Applicant must do such things as Elders may require from time to time to ensure that any security interest of Elders is perfected under the PPSA for whatever period that Elders, in its sole discretion, determines. The Applicant must reimburse and indemnify Elders for all expenses incurred by Elders in registering its security interest on the PPSA register.
7. The Applicant must keep Elders fully informed of all relevant information regarding the Applicant, including providing not less than 14 days’ notice in writing of any proposed change in name or contact details. The Applicant must immediately notify Elders of any material changes in the Applicant’s business activities.
8. Nothing in sections 125, 132(3)(d), 132(4), 135, 142 and 143 of the PPSA and Part 4.3 (other than Division 6 of Part 4.3) of the PPSA shall apply to this agreement, or the security under this agreement. To the extent permitted by the PPSA, the Applicant waives its rights in respect of this agreement, or the security under this agreement, to receive any notice or statement under the following sections of the PPSA: 95 (notice of removal of an accession); 118 notice of decision to enforce security interest under land law); 121(4) (enforcement of liquid assets – notice to grantor); 123 (notice of seizure of collateral); 130 (notice of disposal of collateral); 132(3)(d) (statement of account following a disposal showing the amounts paid to other secured parties); 132(4) (statement of account if there is no disposal); 135 (notice of retention of collateral); 157 (notice in relation to registration events); all sections in Part 4.3 (other than those in Division 6 of Part 4.3).
9. Elders and the Applicant must not disclose information of the kind referred to in section 275(1) of the PPSA (except where required under section 275(7) of the PPSA) and must not authorize the disclosure of such information at any time. Elders may use any personal information of the Applicant to register and enforce any security interest of Elders under the PPSA.
10. In these Terms, an “event of default” occurs when: (a) the Applicant fails to consign wool as required by these Terms; (b) the Applicant breaches any other provision of these Terms; (c) the Applicant becomes bankrupt, insolvent (within the meaning of the Corporations Act 2001 (Cth)) or under administration, or if any step is taken to instigate any such event; or (d) distress, attachment or other execution is levied or enforced over any of the Applicant’s property.
11. If an event of default occurs: (a) all monies due (actually or contingently) by the Applicant become immediately due and payable; (b) interest (at Elders’ prevailing rate at that time) will be charged (calculated on a daily basis and debited monthly in arrears to the account) on the overdue amount from and including the date of the relevant transaction to but excluding the date of payment; (c) the Applicant must on demand pay to Elders all costs and expenses incurred by it as a result of the event of default, including all legal costs on a full indemnity basis and fees or commissions payable by Elders to any collections agency; and (d) the Applicant must on demand grant to Elders any mortgage or other security over any of the Applicant’s property real or personal which Elders requires and such security shall be in a form acceptable to Elders.
12. Elders does not exclude or limit the application of any provision of any applicable legislation or other regulation (including the Competition and Consumer Act 2010 (Cth)) where to do so would contravene that legislation or regulation or cause any part of these Terms to be void. Nothing in these Terms is to be interpreted as doing so.
13. A certificate signed by an employee of Elders stating an amount owing to Elders at a particular date, or as to any other matter or thing, is conclusive evidence against the Applicant unless proved incorrect.
14. These terms are governed by the laws of South Australia, and any court within the Commonwealth of Australia in which Elders commences proceedings has non-exclusive jurisdiction to entertain any claims Elders or the Applicant may have against each other in connection with the provision of goods or services in accordance with these Terms.
15. If the Applicant is trustee of any trust, the Applicant is liable to Elders in the Applicant’s capacity as trustee of that trust (and personally) and the Applicant warrants that it is entitled to be indemnified out of the assets of that trust in connection with any liability it has to Elders.
16. If any provision of these Terms is found to be invalid or unenforceable (whether in respect of a party or generally), it will be severed from these Terms and the Terms will otherwise continue in force.
17. A party’s failure or delay to exercise a power or right is not a waiver of that right, and the exercise of a power or right does not preclude the future exercise of that or any other power or right. A waiver of a power or right must be in writing and signed by the party giving the waiver.
How do I sign up?
Download the following form and return it to you local Elders branch
Call us on 1300 618 367, email FinancialServices@elders.com.au or fill in the form below and one of our Agri Finance Managers will call you.