SUNBIZ

Banks Clear Air On Lending

Commercial banks in Fiji will not stop lending to civil servants who hold three-year contracts. This has been made clear by major banks in the country. Trade unionists  have now
15 Apr 2017 11:00
Banks Clear Air On Lending

Commercial banks in Fiji will not stop lending to civil servants who hold three-year contracts.

This has been made clear by major banks in the country.

Trade unionists  have now popped up on different forums claiming that banks will not lend to civil servants on contracts.

This preposterous suggestion is being made as the civil service is undergoing reforms, the first in decades.

Unionists do not point out that those in the private sector too are employed on contractual basis. They also do not point out that the introduction of contracts for civil servants has not been done this year.

All new appointments since 2008 have been made on contractual basis. There has not been a single report of any loans being denied to these recruits because of their contracts.

 

ANZ

Fiji Country Head, Saud Minam while confirming their position on lending said: “We want to help our customers thrive, and that could be by helping young professionals buy their first home or investment property, or helping a customer save more for their future.

“Whether you’re a civil servant or work in the private sector or own your own business, you meet our lending criteria, we want to do business with you.”

 

Westpac

General Manager Brett Hooker said: “Workers on contracts are eligible for loans with Westpac. We assess each loan application on its own merit and when assessing government employees, like other contract workers, we take into consideration the longevity of the contract in addition to the years of continual service.

“Generally, we will provide long-term facilities against these contracts but of course it depends on the individual application.”

 

BRED Bank

The Bank is also believed to have similar policies and do not turn down applications by civil servants merely because they are on contracts.

“The bank has its own credit policy. As with all prudent credit policies, in BRED Bank, all borrowers are assessed on a case by case basis in line with the policies.”

 

HFC Bank

In a press release clarified their position as well.

HFC Bank, which is the only 100 per cent Fijian-owned Bank, confirms that it will continue to offer lending facilities to all applicants based on their financial standing and their ability to meet the repayments as and when due.

“Recently, there have been reports of Banks asking for specific terms of employment, including the length of the employment contract. HFC Bank does not do this.

“Contrary to these reports, HFC Bank confirms that a customer on contract employment; including civil servants, private sector employees and individuals will not be disadvantaged nor will the term of the contract affect his/her ability to apply for a loan.

“This is not the only criteria for assessment of a loan.

“What is of prime importance in assessing a loan application is the amount of the loan applied for, ability of the customer to meet the repayments, the equity or the contribution, the purpose, the collateral or security and the credit history.

“HFC Bank continues to lend to employees both from the public and private sectors who are on contract employment.

“HFC Bank notes that most modern day employment arrangements are on a fixed term basis through employment contracts. Please refer to HFC Bank for any further clarification.

“We encourage all Fijians to support the only Bank owned by all Fijians.”

EDITED BY: IVAMERE NATARO

Feedback:  jyotip@fijisun.com.fj

 



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