Mosese Raqio 
[Photo: FILE]
The Fiji Development Bank says rising house prices and limited land supply continue to put home ownership out of reach for many Fijians, particularly in urban centres where affordability pressures are highest.
FDB Manager for Marketing, Events, Communications and Customer Advocacy Kinijoji Bakoso says while residential property prices have continued to rise over the past five years, average incomes have not kept pace, making it harder for local buyers to enter the market.
Bakoso says strong rental demand reflects the ongoing struggle many families face in transitioning from renting to ownership, driven by limited availability of affordable housing and tradable land.
Despite these challenges, he says the Government’s decision to reintroduce FDB housing loans earlier this year marks a major shift aimed at supporting low- and middle-income earners.
Under the FDB Home Choice Loan, households earning below $50,000 a year can now access housing loans at a 3.99 percent interest rate, fixed for five years, through a partnership with the Reserve Bank of Fiji.
These households may also qualify for the Government’s first home purchase grant of up to $15,000 for buying a home or $30,000 for construction.
Bakoso says eligibility has also been widened for households earning between $50,000 and $100,000, who can access FDB home loans and Government grants of $5,000 for home purchases and $20,000 for construction.
He adds that FDB is also able to assist households earning above $100,000 a year through other loan packages, as the bank works to improve access to home ownership despite ongoing market constraints.
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