The Fiji Development Bank (FDB) has launched two innovative financial products, the Choice Home Loan and the Revolving Working Capital Term Loan, aimed at improving homeownership and encouraging economic engagement throughout Fiji.
FDB Chairman Damend Goundar noted that the Choice Home Loan is tailored to meet the diverse needs of Fijian households, allowing individuals to buy their first home, construct new properties, renovate existing ones, or refinance. “Every household is different, and we’ve structured this facility to cater to both salaried and non-salaried customers,” he stated.
These loan products feature flexible repayment terms extending to 30 years, which provides families with greater affordability and financial stability. Additionally, FDB has rolled out unsecured loan options for those in rural areas, enabling families to access funds between $2,500 and $10,000 without collateral to pursue home improvements within the same 30-year repayment window.
Goundar emphasized that the initiative goes beyond finance; it is designed to foster inclusivity. “Our products are intended to support women, youth, persons with disabilities, and marginalized groups, ensuring that development leaves no one behind,” he affirmed.
The Choice Home Loan also includes a partnership with the Reserve Bank of Fiji, which provides concessional funding for parts of the loans up to $35,000 at a fixed interest rate of 3.99% for the first five years, thus making homeownership more attainable for a wider segment of the population. First-time buyers can also take advantage of the Fiji Government’s First Home Buyers Grant to cover their 10% contribution, helping to ease initial financial pressures.
Minister for Finance Esrom Emmanuel lauded the initiative, stating that the FDB is dedicated to promoting development finance that enriches lives and strengthens communities. He remarked, “FDB continues to show that development finance is not just about numbers, it’s about improving lives, strengthening communities, and giving every Fijian the opportunity to realize their potential.”
The introduction of these loan products is expected to significantly reduce the financial difficulties linked to homeownership and business growth, particularly in light of escalating housing costs. The FDB’s initiatives illustrate a solid commitment to empowering Fijian families and supporting long-term economic advancement. Applications for both the Choice Home Loan and the Revolving Working Capital Term Loan will commence on January 2, 2026.