Fijian Government Approves First New Home Owner Grant

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Scheme offers incentives for first home builders, buyers

SUVA, Fiji (Fijilive, June 25, 2014) – The Fijian Government has approved the first grant application under its new first-time home owners scheme.

Acting Minister for Housing and Attorney-General Aiyaz Sayed-Khaiyum said the first approved application under the scheme was via Fiji's fully local-owned bank, Home Finance Company (HFC) Limited.

The approval was given last Friday, just four days after applications for grants under the scheme was opened.

Under the scheme, a $10,000 grant, is given to those who intend to build their first residential home and $5000 for those who intend to buy their first residential home.

HFC chief executive Isikeli Tikoduadua said the quick processing time was possible because they had planned in advance and had a package deal ready well before applications were opened on Monday, June 16.

"At the moment we are just finalising the legal aspect of the payment before it is released to the applicant," Tikoduadua said.

"Our objective as a local bank is to help improve the living standards of Fijians, so when the opportunity was presented to us through the scheme we took advantage of it."

With HFC, the repayment term is 30 years which Tikoduadua says allows the applicant to repay the loan whilst being able to meet their day-to-day commitments.

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