The Fiji Development Bank has launched two major financial products aiming to support first-home buyers, rural communities and businesses that rely heavily on cash flow. While speaking at the launch, FDB Board Chairman Damend Goundar says today marks a turning point for the bank where the launch of the FDB Choice Home Loan and the Revolving Working Capital Term Loan Facility introduces two products designed to meet real needs in the market while supporting the Fiji National Development Plan, the Sustainable Development Goals and the FDB Strategic Plan 2024–2028.
He says that earlier this year, on the 26th of June, the Government announced the reintroduction of housing loans to support low and middle-income families who are struggling with upfront home deposits.
The Chairman says the loan is open to both salaried and non-salaried customers and offers repayment terms of up to 30 years.He explains that for rural communities, unsecured loans of $2,500 to $10,000 are available with repayment terms of up to 30 years, without the need for collateral.He further says that the facility promotes inclusivity by supporting women, youth, persons with disabilities and marginalised groups.
Goundar says loans of up to $35,000 will benefit from a 3.99 percent fixed interest rate for five years under the RBF Housing Facility, while eligible first-home buyers can also use the Government’s First Home Buyers Grant as part of their 10 percent contribution.For business customers in agriculture, MSMEs and the commercial sector, the Revolving Working Capital Loan offers a 12-month revolving credit limit with annual reviews, allowing businesses to draw, repay and redraw funds as needed.
Goundar says many long-standing customers have asked for a product with the flexibility of an overdraft, and the bank has responded. He says the Choice Home Loan is designed for how Fijian families live and earn, whether they are purchasing their first home, building, renovating or refinancing.
Goundar says reliable working capital is crucial for keeping businesses afloat, sustaining jobs and supporting industry growth, which ultimately strengthens Fiji’s economy. He says the long-term goal of both products is to empower more first-time homeowners, increase construction and home improvements, improve financial inclusion and support more stable businesses with strong cash flow. The Chairman acknowledges the FDB team for their work in developing and implementing the products and acknowledged the Minister for Finance for his continued support. Meanwhile, Minister for Finance, Esrom Immanuel says true development is measured by the lives transformed and opportunities created, as he launched the Fiji Development Bank’s new Choice Home Loan and Revolving Working Capital Term Loan this afternoon.
Immanuel highlighted that the two products marks a significant step towards a more inclusive and prosperous Fiji—giving families a better chance to own a home and helping businesses access the capital they need to grow. He says home ownership has remained out of reach for many hardworking Fijians, and the new FDB Choice Home Loan aims to change that by offering inclusive and flexible options for both salaried and non-salaried earners. The Minister says the loan supports women, youth, persons with disabilities and marginalised groups, with interest rates from 3.99 percent and no internal fees for the first six months. He adds that rural communities will also benefit through unsecured renovation loans that require no collateral. Immanuel says this aligns with the government’s vision to ensure no Fijian is left behind and that every family has the opportunity to build a secure home. Speaking on the second product, he says the Revolving Working Capital Term Loan will help businesses manage cash flow, seasonal needs and operational demands, especially those in agriculture, MSMEs, transport, retail and tourism. He adds that cash flow challenges should not be the reason businesses stall, and the new facility allows them to access funds when needed, repay and draw again without going through a full loan application each time. The Minister acknowledged the partnership between the FDB and the government and says this collaboration ensures development financing reaches those who need it most. He also urged the bank to consider the rising cost of housing, which has made some workers and civil servants ineligible for loans. Immanuel says the two products launched today will unlock dreams, strengthen livelihoods and help drive Fiji forward. He officially launched the FDB Choice Home Loan and the Revolving Working Capital Term Loan and wished that families who secure homes through the new facility build foundations filled with love and stability, and that businesses using the new credit facility continue to grow and strengthen the nation’s economy.
Stay tuned for the latest news on our radio stations
