Staff members of the Investment Promotion Authority (IPA) are excited about the company’s new National Staff Home Ownership Scheme Policy.
The Policy now enables staff to express interest in buying a house with the hope of getting support from the organisation, as well as tap into their savings.
IPA Board Chairman, Leon Buskens, said the organisation is happy to contribute to the housing solution.
The staff of IPA gathered to witness their Board and Management launch the housing scheme policy.
This home ownership scheme came about after an in-house survey which revealed that 83 per cent of the employees either lived with relatives or rented from real estate companies and did not own homes.
In launching the policy, IPA Board Chairman, Leon Buskens, said the Board believes the scheme will make the IPA one of the sought after employers in PNG Public Service and elevate IPA to the next level.
He said it was often difficult for ordinary Papua New Guineans to put up equity for a bank loan to buy a house. The assistance to be provided by IPA to its staff would try to bridge that gap. It’s a relief for the staff.
The policy will serve as a guideline for the Authority on the parameters within which staff can participate in the scheme. It also provides a guide on how staff can negotiate with commercial banks on how to secure finance to purchase a house.