BSP Group General Manager - Retail Daniel Faunt said since 2014, BSP FHOL continues to lead the market as the most successful home loan product. BSP has assisted over 1100 families become first time homeowners, funding FHOL Loans valued at over K330 million.
“Under this home loan product, BSP has and continues to give Papua New Guineans the opportunity to not only create wealth but provide security for their families. With the lowest fixed rate of 4 percent per annum since 2014. The FHOL has been the most successful home loan product which sees employees of both the private sector companies and the public service benefit,” he said.
“In the first four months of the year (2022), BSP assisted 47 families purchase a home through our FHOL product, valued at over K14m. Despite COVID-19 affecting businesses in 2020 and 2021, BSP funded 169 loans in 2021 valued at over K53m. That’s a 14 percent increase in loan funding from the previous year,” Mr Faunt added.
He explained BSP is the only bank in PNG that gives customers a full term fixed rate of 4 percent for 40 years which is the lowest home loan rate in the market.
A fixed rate loan has the same interest rate for the entirety of the borrowing period, while variable rate loans have an interest rate that changes over time.
The BSP FHOL also features a 10 percent equity and a maximum loan term of 40 years.
“Owning and buying a home, is by far the single most important financial purchase that many Papua New Guineans will make in their life, and many of our customers do take time to research, find information, while they consider the value in return.”
BSP’s Assessment Calculator on the website can assist customers calculate their borrowing capacity online via https://www.bsp.com.pg/calculators/. Interested customers can also contact the BSP Home Loans teams via email: _HomeLoans@bsp.com.pg for more information about the BSP First Home Ownership Loan.