The Ministry of Housing has announced three initiatives that are expected to change the affordable housing landscape in Fiji.
The three new products that are available are the Covata Residential Lots, Housing Authority’s Online Portal and the Best Home Loan for First Time Home Buyers.
Speaking at the launch, Minister Responsible, Maciu Nalumisa, said Housing Authority is directly targetting low and middle income earners.
Nalumisa highlighted that access to affordable housing remains as one of the critical challenges for all ordinary Fijians, where increasing land and house prices aggravates affordability challenges, especially for lower-income communities.
He said this has made them develop three tailor-made products and that the Housing Authority is calling for Expression of Interest for the 103 residential lots in Covata, in Labasa, offering potential homeowners a valuable opportunity in Vanua Levu.
He said the Housing Authority well-developed and designed residential lots are now accessible to the Fijian people, fulfilling a crucial need for affordable housing.
He said Covata residential lots are strategically selected to ensure the availability of necessary infrastructural elements and basic utilities.
The Housing Authority has also introduced an interest rate reduction for Covata residential lots and new home buyers– And if their joint earnings are below $30K, they will secure a 3.5 per cent fixed interest rate for five years and 6.25 per cent.
Those that have their joint earnings above 30K and below $50K will secure a fixed rate of 3.9 per cent for five years and 6.25 per cent thereafter.
The Minister for Housing also announced that Housing Authority is launching its new online portal that will serve as a valuable resource for Fijians seeking affordable housing options by providing a platform for individuals to register their interest in acquiring residential lots and submitting their application.
Nalumisa said this would streamline the application process, removing administrative hurdles and foster easier access to necessary housing support.
Applications are available online on www.housing.com.fj