The Investment Promotion Authority (IPA) has launched its national staff home ownership scheme policy today in Port Moresby.
The policy was officially launched by IPA Board chairman Leon Buskens witnessed by staff and the media.
The IPA Board approved the initial idea to establish a staff home ownership scheme in 2011.
It took five years to finally come up with a policy that suited the IPA and is now ready to be rolled out and staffs have been encouraged to apply through the open market.
IPA Acting Managing Director Clarence Hoot said a total of 115 staffs have already expressed their interest in this scheme but only 62 have qualified to participate.
The scheme is a benefit for the staff and will be repaid in years of service.
Hoot said as soon as they receive enough applications, the committee members will sit and consider the first applicants.
The scheme is inclusive and all employees of IPA regardless of the position they hold are eligible to participate as long as they have served the Authority for five years.
Other eligibility requirements include good performance and no disciplinary record in the last two years
Buskens said IPA’s financial assistance to staff to purchase a house is only a portion of the total cost of buying or building a house and eligible staff must be able to secure a bank loan to buy a house.
“It is the hope of the IPA Board that the assistance given by the IPA will enable staff to then mobilise their own resources to acquire a home.
“It is often difficult for ordinary Papua New Guineans to put up equity to get a bank loan to buy a house and the assistance to be provided by IPA to its staff will try to bridge that gap,” Buskens said.