It is now time to review the Housing Advance Policy to cater for the vast majority who cannot afford to obtain a First Home Loan due to the stringent housing policies by the respective superannuation funds.
While we all agree that the superannuation fund is for those at the retirement age, members of these superfunds should be encouraged to buy their first home so that they are empowered economically.
To allow this, the superfunds should relax their Housing Advance Policies because by the time people reach their retirement age, they will not be eligible for a first home loan.
Financial institutions are also very strict with their lending policies, which makes it difficult to borrow.
In order to eliminate poverty and the high cost of living, which is driven by the high rental and the high-house prices, the superannuation funds Act should be reviewed so that whatever the equity contribution for first home buyers should be released to the financial institutions allowing eligibility to purchase a first home under the government and BSP.
The government has given ordinary Papua New Guineans the opportunity to purchase their first homes through the FHOS and the superfunds must embrace this opportunity by allowing its members to benefit as much as possible.