Business News

First Home Ownership Scheme Contract


by Delly Waigeno – EM TV, Port Moresby

Interest in the First Home Ownership Scheme (FHOS) has been overwhelming, since the Government and Bank South Pacific entered an official agreement last year.

Today, the media witnessed the contract signing ceremony at the Government House.

The agreement details some of the key conditions the government requires for people who are making applications for those loans.

To date, BSP has funded a total of 25 loans at an amount of K8.4 million. Most of these are in the Nation Capital District.

The FHOS is a joint initiative between GoPNG and BSP, and provides access for all Papua New Guineans to flexible and affordable financial arrangements, to enable them to own their own home.

Today at the Government House, Governor General, Sir Michael Ogio, and BSP CEO, Robin Fleming, signed the documents.

Also present were BSP Deputy General Manager Retail, Kili Tambua, Chief Credit Officer, Mike Hallinan, and Government representative, Issac Lupari.

From a housing perspective, CEO Fleming said housing is important in being able to create wealth for PNG’s economy.

He said it’s also important from a staff welfare perspective. Mr Fleming said BSP as an employer provides a number of incentive packages, to try and get their staff into houses, and he encouraged other employers to do so as well.

He said those interested in housing loans also have to look at their own financial situation, and try to do some savings.

While there are some conditions to the loans including a maximum loan amount of K400,000, both the O’Neill-Dion Government and BSP believe that the First Home Ownership Scheme will help address housing issues and offer wealth creation opportunities.

BSP will provide housing loans to approved first home borrowers, over a 40 year term and at an interest rate of 4% per annum.

BSP applauds the O’Neill-Dion Government for having the foresight in putting together the arrangements that would ensure Papua New Guineans have the opportunity to own their own homes.

BSP also expressed their confidence that Papua New Guineans will embrace this opportunity.

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