- April 1, 2021
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund will roll out the COVID-19 Response (Home Loan Assistance) from today, 1 April 2021.
This assistance is specifically for members affected by the pandemic.
These members can now access their FNPF savings – inclusive of 50% of their Preserved Account – to pay for their monthly home loan repayments for a minimum of three months to a maximum of 12 months.
Key requirements for the assistance are:
- Member qualifies for the FNPF COVID relief assistance (unemployment/reduced pay);
- He/she must have an existing home loan and made arrangements for a loan repayment holiday (moratorium) with their lenders by 31 March 2021;
- The member must be the legal owner of the property under mortgage, and
- He/she must reside on the property.
Acting Chief Executive Officer Viliame Vodonaivalu said the Fund has identified 809 members who qualify for this assistance.
“The Fund has been working closely with the banks in terms of the application process as well as ensuring system readiness. We are grateful that we are able to work together to provide these members an option to save their properties.”
“While the banks have allowed a grace period through a moratorium, this assistance will enable these members to access their funds to service their loan repayments for up to 12 months as they look for alternative employment or until borders open.”
The Preserved Account, which equates to 70% of members total balance is preserved for retirement and can only be accessed by members who are buying or building their first home. FNPF will place a charge for those accessing their Preserved Account for the second time if they are to withdraw in excess of $9,000 from the same account.
Applications for this relief is open from 1 April 2021 to 30 June 2021 and will have to be lodged with the members’ bank (ANZ, BSP Bank, Bred Bank, Westpac, HFC Bank) or lenders (Housing Authority of Fiji and Fiji Development Bank).
Eligible members must visit their banks or lenders with a copy of their FNPF eligibility statement. This home loan eligibility statement is specific to this assistance and can be collected from FNPF from today (1 April 2020). Processing of the application will take between 8 to 30 working days, depending on the charge placement.