BSP assisted over 1,000 families

BANK South Pacific (BSP) Financial Group Limited has assisted more than 1,000 families become first homeowners funding loans totalling more than K300 million, an official says.
This is through BSP’s First Home Ownership Loan (FHOL).
BSP group general manager for retail, Daniel Faunt, said BSP had assisted more than 1,100 families become first time homeowners, funding 1,110 first homeowners loans valued at over K330 million.
“With the lowest fixed rate of four per cent per annum since 2014, the first homeowners’ loan has been the most successful home loan product which sees employees of both the private sector companies and the public service benefit,” he said.
“In the first four months of the year (2022), BSP assisted 47 families purchase a home through our FHOL product, valued at over K14 million.
“Despite Covid-19 affecting businesses in 2020 and 2021, BSP funded 169 loans in 2021 valued at over K53 million. That’s a 14 percent increase in loan funding from the previous year,” Faunt added.
He explained that BSP gave customers a full term fixed rate of four per cent for 40 years which was the lowest home loan rate in the market. The BSP FHOL also features a 10 per cent equity and a maximum loan term of 40 years.
According to BSP, owning and buying a home, is by far the single most important financial purchase that many Papua New Guineans will make in their lifetime.