Fijians hoping to invest in a home have been encouraged to additionally increase their contributions with the Fiji National Provident Fund to allow them to do so.
Fund general manager member services Alipate Waqairawai uttered the advice to about 50 members during the member forum at the Returned Service League Hall in Lautoka on Wednesday last week after a few queries from members on the status of their housing eligibilities.
“You need to save for housing and the best way to save is to additionally increase your contribution with the FNPF especially for those of you currently working,” Mr Waqairawai said.
“Do not underestimate the $5, $10 you add to your account, the compounding impact of that interest of that small amount, it amounts to a lot.
“The more you contribute, the more you build your equity so when you go to the lenders; you have a higher equity, less loan and less repayment to make.”
Mr Waqairawai said there was no better saving mechanism in Fiji than just to additionally increase member contribution to the FNPF. Fund chief executive Viliame Vodonaivalu said it was also vital for the members to note that there is mandatory savings under the law and there were additional contributions.
“You have the right to contribute more, if you have savings in the bank, you can redirect it to FNPF.
“You can top up that amount, there is no restriction on the amount, the compounding effect is that the more money you save, the more money you have and you can try to access 51 per cent of your funds for housing.”
