Caption: Colonel Mosese Tikoitoga and Housing Authority Acting Chief Executive Officer Isikeli Navuda during the launch.
A historic new housing loan product was launched today as part of reforms designed to increase housing accessibility to Fijians.
In an effort to assist every Fijian with more opportunities for home ownership, Housing Authority launched its new “Toso Mai” home loan package.
While launching this new product, the Chairman of the Board Colonel Mosese Tikoitoga reiterated government’s commitment to their vision for the provision of affordable, decent and quality housing for all Fijians”
Housing Authority has remained committed to this vision and has tailored this new package to suit customers with different income categories.
The “Toso Mai Dua” package is specifically designed for customers earning $25,000 and below with an interest rate of 3.95 percent for the first 12 months, 4.95 percent for the next 48 months and thereafter will have a 7.50 percent variable interest rate. This package is the only home loan package available with a fixed interest rate for 5 years.
Housing Authority acting chief executive officer Isikeli Navuda says, “Since 75 percent of the national household population earn below $23,000 the Authority anticipates an increase in home loan applications following the launch of this new product.
The “Toso Mai Rua”; the second package is designed for customers earning above the $25,000 income bracket. This package will have an interest rate of 3.95 percent for the first 12 months and thereafter will have a 7.50 percent variable interest rate.
“Land only customers are encouraged to take advantage of this opportunity and come in and talk to us about building their dream family home”, Navuda added.
The “Toso Mai Tolu”; our third package has been designed for our existing home loan customers earning $10,000 and below. The Authority will now reduce their variable interest rate from 7.50 percent to 5.0 percent. This review will allow these customers to save more from their current repayments or pay-off their home loans quicker.
Customers falling within this category are advised to visit any of our branches with their current pay details so that they can take advantage of this review and save more money for their families.
Housing Authority today acknowledged the assistance of the Reserve Bank of Fiji on the reviewed loan conditions and the “Fijian Government’s unwavering commitment to their vision for the future”.