I COMMEND BSP after reading that the bank uses its own funds for the First Home Ownership Scheme (FHOS).
The O’Neill Government had come up with this good initiative back in 2013 but did not honor the K200 million commitment promised to BSP.
Regardless BSP used its own funds to make it happen.
Before that, one had to pay about 25 per cent equity and the interest rate is around 8-10 per cent which was very high for most working class Papua New Guineans.
The FHOS requirements was set back in 2013 that is you have to borrow a maximum of K400,000 and the interest rate is at four per cent. But property prices have since gone up.
If BSP can relook at the requirements and make adjustments based on the current property market price it will help a lot of Papua New Guineans.
When you (BSP) make the adjustments all other banks will follow.
Nevertheless thanks to BSP for this initiative.
Please continue to enable Papua New Guineans to own a house – this is a dream come true for most of us.
Zuguru – Bena Bridge