BSP announces lowered rates for housing loans

There is good news for BSP customers who want to apply for a housing loan as they can now get reduced interest rates that allows Fijians to own a family house or acquire residential investment properties.

The new rate for housing loan (owner occupied) fixed for one year is 4.10 percent and fixed for two years is 4.90 percent. This is effective from 1st July

The new variable rate for housing loan (owner occupied) is 6.45 percent, effective from 1st August.

The new rate for residential investment property loan (earning rental income) fixed for a year is 4.5 percent which comes into effect from 1st July and the new variable rate is 7.25 percent.

BSP Fiji Country Head Haroon Ali says they are pleased to introduce the new interest rates for home loans and residential investment properties that will help customers realise their dreams to own their own residential properties.

He says these revised rates provide opportunities for wealth creation, whether it's for a first-home or an investment property.

Ali says moreover, the construction of new homes facilitated by lower cost of borrowing will stimulate economic activities in the real estate sector.