Families with annual incomes below $50,000 are poised to gain from an essential initiative launched by the Housing Authority following the recent budget announcement. The initiative introduces attractive lending rates, which are anticipated to decrease in the new financial year, making homeownership more accessible.
Minister for Housing Maciu Naulumisa disclosed plans for a fixed interest rate of 2% for a period of five years for families earning less than $30,000, transitioning to a variable rate of 4% per annum thereafter. Families earning between $30,000 and $50,000 will benefit from a 3.5% fixed interest rate for five years, followed by a 6% variable rate.
“This program reflects our coalition government’s deep commitment to making home ownership a reality for more Fijians,” Minister Naulumisa stated. He reiterated that these changes are part of the government’s extended efforts to address housing affordability, particularly for low-income families.
Housing Authority Board Chair Sereana Qoro emphasized that this initiative is aligned with the 2025-2026 National Budget submission. The goal is to ensure secure and affordable homes for all Fijians, underlining the government’s dedication to improving living conditions.
This move resonates with previous initiatives aimed at enhancing affordable housing options, including the revitalization of the Village Housing Loan Scheme, which supports families in rural areas, and the Housing Authority Model Homes initiative aimed at constructing new homes. The government’s approach is seen as a proactive strategy to mitigate the housing crisis while paving the way for greater economic stability and improved quality of life for numerous families.
As the government solidifies its commitments through these initiatives, there is optimism that these efforts will foster a more inclusive housing environment, ensuring that every Fijian has a secure place to call home.
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