Fijians of all ages can apply for the First Home Ownership Initiative, as confirmed by Housing Minister Maciu Nalumisa during a parliamentary session. The initiative prioritizes the applicant’s ability to provide proof of a registered title for property or land, ensuring that the program effectively fulfills its objectives.
Minister Nalumisa emphasized that applicants have the option to merge savings from the Fiji National Provident Fund or local banks to maximize the grant’s potential for property acquisition. However, he noted that residents of certain settlements, including those in Kalabu, cannot access the grant unless they possess a registered title. Instead, these communities should explore the Rural Housing Assistance Grant for support.
Launched in 2014, the First Home Ownership Initiative has made a significant impact, aiding over 4,400 Fijians with a total funding of $49.6 million. Among the beneficiaries, 3,180 individuals earning less than $50,000 received approximately $42.2 million in grants, while 668 applicants with incomes between $50,001 and $100,000 benefited from $7.45 million in grants. Additionally, 579 applicants participated in a land purchase program valued at $5.6 million.
This initiative is a vital part of the government’s strategy to enhance housing affordability and accessibility for low- and middle-income individuals in Fiji. Related recent endeavors, such as the provision of innovative zero-deposit home loan products and collaborations with financial institutions, signify a positive trend towards expanding homeownership opportunities.
As the government persists in developing and implementing policies to strengthen housing security, these initiatives are helping many Fijians achieve their dreams of homeownership, ultimately fostering improved living standards and community stability throughout the nation.