Praneeta Prakash 
The Housing Authority is working closely with the Ministry of Housing to implement a tailored housing grant scheme for individuals living in informal settlements.
Under this initiative, individuals from informal settlements who choose to relocate to Housing Authority-developed subdivisions can receive up to $30,000 in government grants, covering both land and housing costs.
This was highlighted by Housing Authority Acting Chief Executive Poasa Verevakabau during their submission to the Standing Committee on Public Accounts.
“Ministry of Housing is working on a special scheme for informal settlement, where when they buy, the $30,000 applies to them. Like in terms of buying a property, you’re qualified for $15,000. But in this case, there is a product that has been prepared as a package, land and house. So for informal settlement, they will get around $30,000 as a grant.”
The Acting CEO says public interest has surged following the product’s launch, with inquiries pouring in from prospective homeowners keen to take advantage of the low-interest packages.
Verevakabau says the Housing Authority also launched an interest loan package in June, where individuals earning under $30,000 annually now qualify for home loans with an interest rate as low as two percent for the first five years, increasing to 4 percent variable thereafter.
He adds that those earning between $30,000 and $50,000 can access a 3.5 percent fixed rate with a 6 percent variable rate.
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