The Fiji Development Bank (FDB) has unveiled two new financial products aimed at enhancing homeownership and economic participation across the nation: the Choice Home Loan and the Revolving Working Capital Term Loan.
According to FDB Chairman Damend Goundar, the Choice Home Loan addresses the varied needs of Fijian households. Whether individuals are purchasing their first home, building a new one, renovating an existing property, or refinancing, this loan is structured to provide flexibility. Goundar noted, “Every household is different, and we’ve structured this facility to cater to both salaried and non-salaried customers.”
The loans are designed with flexible repayment terms of up to 30 years for home purchases and construction projects, offering families increased affordability and stability. Furthermore, FDB has introduced unsecured loan options for rural communities, allowing families to secure funds ranging from $2,500 to $10,000 without needing collateral, thus enabling home improvements over the same 30-year repayment term.
Goundar emphasized that this initiative extends beyond mere finance; it aims to promote inclusivity. “Our products are designed to support women, youth, persons with disabilities, and marginalized groups, ensuring that development leaves no one behind,” he stated.
The Choice Home Loan also benefits from a partnership with the Reserve Bank of Fiji, which offers concessional funding for portions of the loans up to $35,000, available at a fixed interest rate of 3.99% for the first five years, making homeownership more accessible for many Fijians. Additionally, first-time homebuyers can utilize the Fiji Government’s First Home Buyers Grant to assist with their 10% contribution, thereby alleviating initial financial burdens.
Minister for Finance Esrom Emmanuel praised the initiative, highlighting that the FDB is committed to fostering development finance that improves 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 new loan products are anticipated to significantly alleviate the financial challenges associated with homeownership and business development, especially given the rising costs of housing. FDB’s initiatives reflect a commitment to empowering Fijian families and promoting long-term economic growth. Applications for the Choice Home Loan and the Revolving Working Capital Term Loan will be available starting January 2, 2026.