Council Welcomes COVID-19 Response (Home Loan Assistance) Act 2020
The Consumer Council of Fiji has welcomed the COVID-19 response (Home Loan Assistance) Act 2020 which will provide the much-needed assistance to consumers with mortgages in effect during the COVID-19 relief period and repayment holidays for home loans.
The COVID-19 response (Home Loan Assistance) Act 2020 will enable the Fiji National Provident Fund members impacted by COVID-19 to utilise up to 50% of their preserved account to repay their home loans.
“With thousands of Fijians either laid off or working on reduced hours, this Act will ensure that if Fijians are not able to service their home loans – their homes will be protected from seizure by banks making sure they have a roof over their heads,” said Council Chief Executive Ms Shandil.
The Act also guarantees an extension of the repayment holiday on mortgages until 31st March 2021. “I would like to thank all the banks for agreeing to extend the repayment holiday as this will give time to Fijian consumers facing financial difficulties to recuperate and if they still face such difficulties, they can access their preserved accounts to alleviate their financial distress,” said Ms Shandil.
The Council has reminded consumers to continue to service their loans if they are in a position to do so and to only take advantage of this incentive by the Government if they genuinely face financial difficulties.
Consumers can contact the Council on toll-free number, 155 for any consumer related issues or can lodge a complaint through the Consumer Council of Fiji mobile app.