Housing Lots in Labasa Offered at 3.50% Interest Rates

The Fiji Housing Authority introduced three initiatives today, including 103 residential lots in Labasa, a first in the North in more than 10 years, with competitive interest rates starting as low as 3.50%.

The Covata development, the authority’s first in five years, offers fully serviced lots and aims to provide affordable housing opportunities.

Minister of Housing Maciu Nalumisa highlighted that these initiatives build on existing programs, such as the First Home Owners grant, expanding housing options at affordable prices.

The interest rates vary based on household income, ranging from 3.50% to 6.25%, and an online portal has been introduced for customer registration and application submissions, with expressions of interest opening to the public this week.

The lots are being offered at a 3.50% interest rate for five years and 6.25% thereafter for households with a combined income under $30,000. Families earning between $30,000 and $50,000 will be charged 3.95% interest rate for five years, increasing to 6.25% later.

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