How to apply for finance through Farm Focus

 

Farm Focus has partnered with Westpac to make it easier to apply for farm finance. The application is made from inside Farm Focus - your farm data pre-fills relevant fields, so there's no double-handling or emailing documents around.

Once you submit, Westpac receives your application and is automatically given read-only access to your farm workspace so their agri-specialists can review your financials. Every application is reviewed by a real person, and you can expect a response within 24 hours.

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Who is this for?

This is a great fit if you're a:

• Sharemilker stepping toward farm ownership
• Contract milker looking to expand
• Farmer who's new to raising finance and wants a straightforward process

 

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Before you start - get your data ready

To give Westpac a clear picture of your financial position, make sure the following are ready in Farm Focus before you begin:

• Last year's finalised financial statements (save these the in the Farm Focus Vault).
• Actual transactions reconciled for the previous month.
• A 12-month budget forecast that includes what you need the finance for.

Tip: The Vault isn't just for financial statements - it's also a great place to store contracts, agreements, business plans, goals etc. The more context you give Westpac, the better placed they are to support you. 

Note: Not quite ready with the above? Start the application, save it as a draft, and come back to complete and submit it when you are. 

 

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Where to find it

Go to the Vault in Farm Focus and select Agribusiness Finance, then Westpac.
This will open your Finance Applications page where you can start a new application or pick up a saved draft.

 

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How the application works

Click the + Create new application button at the top.

 

The application has five steps:

1. Your profile - your name pre-fills, and you can edit it if needed, then add in the other information.
2. Business details - your business details will pre-fill and enter your approximate annual turnover.
3. Finance request - enter what you are applying for the finance for, an estimate amount you need and what security is available. There's also a field for any additional information.
4. Data - confirm you have your financial statements saved, and you are up to date with your coding and budget forecast.
5. Review & send - read and accept the terms and conditions, then submit application.

You don't have to complete it in one go. You can click Save draft at any point and come back to it.

 

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Submitting your application

Before submitting, you must tick that you understand and accept the terms and conditions, then click the Submit application button.

Note: Only a Sub Admin can submit the application. If the Submit button is greyed out or not visible, you'll need the person with Sub Admin access to log in and complete the final step.

 

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What happens after you submit

Once your application is submitted:

• Your application is saved and the status updates to Submitted
• You receive a confirmation email with a copy of everything you submitted
• Westpac receives an email with your application details
• Westpac is given read-only access to your farm through their workspace so they can review your data

Note: With read only access Westpac can view your farm data but cannot make any changes to it.

A member of the Westpac team will then be in touch.

 

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Viewing your applications

All your applications are listed on the Finance Applications page. A Draft application can be opened and edited at any time. A Submitted application is read-only but you can still view all the details you sent through.

 

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Deleting an application

Draft and submitted applications can be deleted by a Sub Admin or Org Admin only. If deleting an application means there are no other applications still in progress, Westpac's access to your farm workspace will also be removed. A confirmation message will let you know before you confirm.

 

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Common questions

Can I see what data Westpac can access? 
Westpac gets read-only access to your Farm Focus database, so can see everything in there, but can't edit anything.

Can I apply for finance for more than one purpose?
Yes - on step 3 (the Finance Request step) you can select multiple purposes and add extra detail in the free-text field.

What happens to Westpac's access if I delete my application?
If it's your only active application, Westpac's workspace access is removed at the same time. If you have other applications still open, their access isn't affected.

I don't have a Farm Focus account yet - can I still apply?
Yes. Farm Focus can set you up free of charge until your application is approved. Call 0800 888 080 or visit farmfocus.co.nz/nz/westpac to get started.