Fleming: Home scheme growing

MORE than 500 people have participated from Bank South Pacific’s first home ownership scheme since its inception in 2014, says chief executive officer Robin Fleming, pictured.
He told The National that close to 550 people had participated in BSP’s first home ownership scheme.
“We’ve got close to K258 million in lending under our first home ownership scheme (FHOS) product,” he said.
Fleming said one had to have sufficient income to be able to repay the loans.
“The equity rates are low, but you still have to have a sufficient income to be able to repay a K400,000 loan if you’re younger, between 30 or 40 years of age. “For people who have a salary level below K50,000 probably will be difficult.”
He said it also depends on what support the employers provides to its employees.
“If the employer provides assistance with housing allowance, it makes it easier for individuals to be able to make those repayments,” he said. Fleming said the first home owner scheme had continued to grow.
“We have close to K250 million to K260 million in loans in that particular category,” he said.
“I think the employers are still conscious of providing their employees with some form of support to give them a longer term benefit of all their efforts.”
Fleming said they (employers) had conditions to protect their staff.
BSP’s first home ownership scheme is a partnership between the Papua New Guinea’s
Government and the bank to give citizens access to specifically structured loans to acquire their first home.