The Fiji Development Bank (FDB) has unveiled two new financial products aimed at enhancing homeownership and supporting business growth in the country: the Choice Home Loan and the Revolving Working Capital Term Loan. FDB Chairman, Damend Goundar, highlighted that the Choice Home Loan caters to the diverse needs of Fijian families, whether they are purchasing their first home, constructing a new property, renovating an existing one, or refinancing.
The loan structure accommodates both salaried and non-salaried individuals, featuring generous repayment terms of up to 30 years. This duration allows families to benefit from improved affordability and stability, ultimately providing them with peace of mind regarding their financial obligations.
Additionally, the bank introduced an unsecured loan option for rural communities, which ranges from $2,500 to $10,000 and is also repayable over 30 years. This product facilitates home improvements without requiring collateral, thereby easing the financial strain on families seeking to enhance their living conditions.
Mr. Goundar emphasized the initiative’s focus on inclusivity, stating that the offerings aim to support women, youth, persons with disabilities, and marginalized groups, ensuring that development efforts do not exclude anyone. The Choice Home Loan will also benefit from a partnership with the Reserve Bank of Fiji. This collaboration offers concessional funding for portions of the loans, up to $35,000, at a competitive fixed interest rate of 3.99% for the first five years, thereby making homeownership more accessible.
First-time homebuyers can take advantage of the Fiji Government’s First Home Buyers Grant, which contributes to their 10% down payment, thus alleviating anxiety over initial financial commitments. Minister for Finance, Esrom Emmanuel, praised the bank’s initiatives, stating that FDB’s efforts reflect a commitment to improving lives, strengthening communities, and providing opportunities for all Fijians to realize their potential.
These new loan offerings are anticipated to significantly reduce the financial burdens associated with homeownership and business expansion, particularly given the current challenges posed by rising housing costs. FDB aims to empower Fijian families and promote long-term economic growth, with applications for both loan products set to open on January 2, 2026.
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