2019/2020 National Budget: Grant for first time home buyers to continue
8 June, 2019, 2:40 am
GOVERNMENT’S first home buyers grant will continue next year.
Attorney General and Minister for Economy Aiyaz Sayed Khaiyum said last night the existing interest rate subsidy of 1 per cent for first home buyers and land buyers will also remain in place.
Delivering the 2019/2020 Budget, he said the Reserve Bank of Fiji has also recently announced an increased loan facility of $60 million to support low income families buy their own homes through approved lenders such as commercial banks and lending institutions.
Families with an annual income of $50, 000 or less can receive loans with the maximum interest rate of 5 per cent or maximum income of 10 years.
Meanwhile, Mr Khaiyum said given the success of the Koroipita Model Town, $2 million has been allocated to extend a highly-engineered and fully serviced subdivision to provide 200 cyclone proof housing for the disabled and low income earners.