2019/2020 National Budget: Grant for first time home buyers to continue

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.

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