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Fiji Time: 6:56 AM on Thursday 17 April

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Golden opportunity

Nasik Swami
Friday, February 01, 2013

THE government is working on all opportunities to ensure Fijians have access to decent and cheaper housing.

And to put their efforts into reality, Prime Minister Commodore Voreqe Bainimarama yesterday launched Housing Authority's new housing package with low interest rates.

Commodore Bainimarama said through the new facility, the authority would be able to provide housing loans under its 'Gold Package' at an initial rate of 3.5 per cent for families earning less than $16,500 a year.

"My government's focus on providing access to affordable and quality housing for every Fijian has resulted in a $25million loan facility provided by the Reserve Bank as I first flagged in the 2013 Budget," Commodore Bainimarama said.

The loan facility will help at least 45 per cent of Fijians who reside in urban centres.

Under the deal, eligible Fijians will receive a housing loan with an interest rate of 3.5 per cent for the first year, 4.4 per cent for the second and third year and 5.75 per cent for the fourth and fifth year.

Following this, the authority aims to provide a variable interest rate of 6 per cent after the fifth year.

The new home loan package comes into effect today.