BSP home ownership loan rate reduced by 1%

The Bank of South Pacific (BSP) has reduced its standard home loan rate by one per cent.

CEO Robin Fleming announced on Friday that a decision was made during the Annual General Meeting.

The decision will drop reduce the current repayment rate of 8.45 per cent 7.45 per cent.

“We also made a decision today to reduce our home loan rate by one per cent which will benefit many of the Papua New Guineans who have home loans with BSP,” said Fleming.

The decision comes into effect on the 01st of June.

Meanwhile, Fleming also announced the near refurbishment of its branches in the capital city as well as the opening of a new sub-branch.

“Were almost finished the refurbishment of our Port Moresby Branch, the Boroko branch is almost refurbished, our Waigani branch as well.

“So the board has committed a lot of capital expenditure to ensure that our branched in Port Moresby and outside of Port Moresby are maintained at a level that all of our customers deserve.

“Were going to open a smaller sub-branch in Goroka, just not too far from the airport as well again to ensure we have a continuous improvement of the services that we provide to all of our customers,” Fleming said.

Author: 
Cedric Patjole