10 Homeowners Now Debt Free

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10 Homeowners Now Debt Free

Ten Fijian families are now debt free homeowners after their home loan accounts were written off by Housing Authority.

Housing Authority chief executive officer Alipate Naiorosui said, “The 10 families have qualified for a full write off their home loan account under the social housing policy. This housing program is targeted at homeowners who have paid over one and half times the principal loan amount and are facing genuine financial difficulty”.

The 10 families received official letters from Housing Authority indicating that their home loan account had been completely written off under the social housing policy that is being funded by a Government grant.

Retired Fireman, Qoroniasi Mau and his wife Miriama Saro Mau who had paid over 2 times the principal loan amount received an official notice from Housing Authority advising them that their home loan account had been completely written off.

Mr Mau said, “I am so thankful for the assistance, my son whose a fire fighter based in Ba is the sole bread winner and I sell grog to help meet our daily expenses. Now I can rest easy knowing that we own our home debt free”.

The social housing policy is being funded under a $2.5 million Government grant to directly assist existing homeowners who are facing genuine financial difficulty and are no longer able to make their home loan repayments due to retirement or unemployment under medical grounds.

“Since the launch of the social housing policy in 2011, 263 Fijian families have been assisted nationwide and it is designed to assist low income Fijian families who are no longer able to meet their mortgage repayments due to retirement or unemployment under medical grounds”, Naiorosui continued.

As part of the social housing policy once the home loan account has been written off, the homeowner will not be eligible for further loans within 10 years.

Added to this, upon transfer of shares or sale of the property the assistance amount will need to be paid back in full.