THE Fiji Development Bank (FDB) has introduced the Choice Home Loan to make homeownership more accessible and flexible for diverse Fijian families.
The Choice Home Loan offers up to 30 years repayment terms and serves both salaried and non-salaried customers, including those with alternative income sources.
“It supports home purchase, construction, renovation, refinancing, and unsecured loans from $2500 to $10,000 without collateral for home improvements,” said Damend Gounder, FDB Board Chairman.
“This product targets inclusion of women, youth, persons with disabilities, and marginalised groups, ensuring broad accessibility.”
“It aligns with Fiji Development Bank’s 2024–2028 strategic plan and Fiji’s National Development Plan, supporting sustainable growth and social equity,” he said.
Concessional funding and government grants improve affordability for borrowers.
“FDB provides loans up to $35,000 at a 3.99 per cent fixed interest rate for five years through its housing facility.
“The government’s First Home Buyers Housing Assistance Grant reduces upfront costs by covering part of the 10 per cent deposit.”
“These measures aim to lower barriers for first-time buyers and stimulate home construction and improvement nationwide,” he said.
Gounder emphasised that this loan is a pathway to security and progress for Fijian families, not just a financial product.
“The inclusive design reflects a commitment to leaving no one behind in Fiji’s development.
“The product’s flexibility addresses the varied needs of rural and urban households, enhancing financial stability.”
Capital Loan for Businesses
The FDB launched the Revolving Working Capital Term Loan Facility to support cash-flow management for agriculture, MSMEs, and the commercial sector.
This loan offers a 12-month revolving trade limit with annual reviews, allowing businesses to draw, repay, and redraw funds without reapplying.
Gounder said it reflects the seasonal and fluctuating nature of many Fijian businesses, especially in agriculture and MSMEs.
“Stable working capital helps businesses pay wages on time, seize market opportunities, and maintain operations.
“The facility directly supports job retention and industry growth, contributing to Fiji’s broader economic recovery.”
The product reflects FDB’s core mission to be a dynamic financial services provider that supports sustainable development.
“It complements the home loan by addressing vital business cash flow needs alongside individual housing security.
“This dual product strategy strengthens Fiji’s economic fabric from households to enterprises,” he said.
Strategic Alignment and Long-Term Vision
Both products support Fiji’s National Development Plan, Sustainable Development Goals, and the bank’s 2024–2028 strategic plan, driving inclusive progress.
The bank aims to increase the number of first-time homeowners and promote construction and home upgrades nationwide.
This will create more financially included families and stable businesses, boosting national output.
The approach balances social equity with economic growth, reinforcing Fiji Development Bank’s mandate for development.
Fiji Development Bank’s internal teams, from product design to system integration, played a critical role in delivering these products on schedule.
“The bank recognised the professionalism and diligence of its staff as essential to this milestone launch,” Gounder added.
Cross-functional collaboration ensured products are customer-focused and technically sound.
“Implementation includes seamless system support to handle loan processing and customer management efficiently.
“This operational readiness sets the stage for smooth uptake and ongoing service quality.”
The FDB timing leverages seasonal housing market activity and business planning periods.
“It also positions the bank well for growth in 2026 and beyond, supporting sustained development goals.”