JACK and Jennifer Hawkins are primed to take advantage of the next big wet.

The couple has built a 110-megalitre re-use dam on their Finley property to harvest irrigation and rainfall run-off.

But the drought means they must sit tight and keep costs to a minimum to retain the equity built up in the 960ha property, which they bought in 1984.

The Hawkins used the 9 per cent allocation they received this season to irrigate oats, which they will use to finish 1500 lambs they brought back from a leased block near Penshurst in western Victoria.

But the financial pressure is building on the Hawkins as they wait for rain.

"The difficulty is we can't generate enough income," Mrs Hawkins said.

The couple is dead against selling any of their 2300-megalitre general security water entitlement to retire debt.

"Selling water is our last resort," Mr Hawkins said. "It's our means of production."

Without a decent income, the Hawkins say they have been forced to erode some of their equity in the property by extending their borrowings.

"We've probably been living on our equity for the past 2-3 years," Mrs Hawkins said.

But they are cutting back on inputs where they can.

"Instead of putting on $100/ha (of fertiliser), I will cut it back to $30/ha at sowing and then, if we get a crop, I'll top-dress it," Mr Hawkins said.

Further irrigation works have been halted too. "Our irrigation development is an ongoing thing, so I'd planned to build bigger channels and stops to get the water on quicker (reducing water use)," Mr Hawkins said. "But we've had to shelve that."

In its prime, the Hawkins' property could grow canola, wheat and rice and run sheep and cattle.

But for now, the Hawkins are running a breeding flock on leased land near Penshurst and bringing lambs back to the home block for finishing.

Mr Hawkins said breeding sheep on irrigated country was not something he would rush back into.