The Fiji Development Bank will re-introduce housing loans on a small scale, Minister for Finance Prof Biman Prasad has announced.
This is to support low-and middle-income families with home deposits on their way to becoming first home buyers grant.
“For those earning below $50,000, a government grant of $30,000 is available for first home construction while $15,000 is provided for first home purchase,” he said.
“For those earning above $50,000 but less than $100,000, a first home construction grant of $20,000 is available and $5,000 grant for first home purchase. This will continue with a budget of $3.5 million.”
Prof Prasad added Fiji faces major challenges with informal settlements.
“The rise in squatter settlements in Fiji is linked to our history. But we remain committed to redeveloping and formalizing our squatter settlements with issuance of proper lease titles and appropriate facilities and services.”
“Around $15 million is provided for the formalization of 6 informal settlements in Tavela, Tore, Field 40, Valequyaya, Sakoca and Vunika. We will also start four new areas including Lovu Seaside, Nabare, Delaisaweni and Caubati. This will formalize around 1500 housing leases.”
Prof Prasad said those facing eviction notices in areas like Nabua Muslim League, Veidogo in Vatuwaqa, and Nadiri, Government is providing a funding of $2.2 million for relocation and resettlement.
“Funding will be used to commence critical preparatory work, including consultations with affected communities, land negotiations, and detailed implementation planning to ensure that affected families are provided with secure resettlement options.”
