The Fiji Development Bank (FDB) has unveiled its new Choice Home Loan initiative, aiming to enhance accessibility and flexibility for Fijian families pursuing homeownership. This loan product features a repayment term of up to 30 years and is available to both salaried and non-salaried individuals, catering to those with diverse income streams.
According to Damend Gounder, Chairman of the FDB Board, the Choice Home Loan is designed to support a variety of needs, including purchasing, constructing, renovating homes, and refinancing existing loans, with unsecured loans ranging from $2,500 to $10,000 for home improvements. The initiative emphasizes inclusivity, targeting women, youth, persons with disabilities, and other marginalized groups to ensure that homeownership is attainable for all.
This development is aligned with FDB’s 2024–2028 strategic plan and Fiji’s National Development Plan, which prioritizes sustainable growth and social equity. To make home financing more affordable, the bank offers loans up to $35,000 at a fixed interest rate of 3.99 percent for five years. Additionally, the First Home Buyers Housing Assistance Grant provided by the government helps reduce upfront costs by covering part of the ten percent deposit required for home purchases.
Gounder highlighted that the Choice Home Loan goes beyond mere financing, acting as a pathway to stability and progress for Fijian families. The flexibility of the loan is tailored to meet the distinct needs of both rural and urban households, further bolstering financial security.
Complementing this housing initiative, the FDB has also launched a Revolving Working Capital Term Loan Facility to assist agriculture, micro, small, and medium enterprises (MSMEs), and the commercial sector with their cash flow management. This facility features a 12-month revolving trade limit, enabling businesses to draw, repay, and redraw funds without the hassle of reapplying.
Gounder noted that steady working capital is crucial for businesses, allowing them to pay employees on time and seize business opportunities, which in turn supports job retention and industry growth essential for Fiji’s economic recovery. The dual strategy of addressing household and business financial needs illustrates FDB’s commitment to fostering a robust economic environment.
Both the Choice Home Loan and the Working Capital Facility reflect FDB’s overarching mission to be a dynamic financial service provider while promoting sustainable development. By focusing on expanding first-time homeownership and encouraging construction and renovations nationwide, the bank aspires to foster financial inclusion and create stable businesses, ultimately boosting national productivity.
The coordination within FDB’s internal teams has played a vital role in launching these products on schedule, with emphasis on professionalism and diligence recognized as crucial to this achievement. With strong cross-functional collaboration, the bank has ensured that its offerings are not only customer-centric but also technically efficient.
The timing of these new products aligns well with seasonal housing market trends and business planning, positioning the FDB for growth in the years to come while supporting broader development goals.
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