NEWS

COVID-19 Response Budget: Six Months Deferral For Loan, Hire Purchase Repayments

“Mortgages, personal loans, even hire purchase payment plans from stores like Courts, Carpenters and others all qualify. For those hit hardest, principal plus interest payments may be deferred as well."
27 Mar 2020 11:01
COVID-19 Response Budget: Six Months Deferral For Loan, Hire Purchase Repayments

To assist Fijians in their loan and hire purchase repayment, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum last night announced measures that will be put in place.

The announcement was made during the COVID-19 stimulus budget announcement.

However, Mr Sayed-Khaiyum cautioned that those who have the means of continuing their payments should do so and not rob others of this opportunity to be helped.

“We’ve been communicating with the banks and hire purchase companies over the past couple of weeks. Yesterday, we got a deal done to defer loan repayments for six months for any Fijians who have lost their jobs or had their hours reduced.

“Mortgages, personal loans, even hire purchase payment plans from stores like Courts, Carpenters and others all qualify. For those hit hardest, principal plus interest payments may be deferred as well.

“The same goes for affected businesses. If you are facing serious cash flow challenges, six months of loan repayments will be deferred. If the impact you’re feeling is particularly severe, you may qualify to have principal plus interest payments deferred as well.”

During this period, banks will also waive all charges on minimum balances in customer’s accounts and remove the minimum purchasing requirement for electronic transactions.

Apart from the Consumer Credit Act, should the situation deteriorate, government has made a commitment to give further assurances to the banks to protect ordinary Fijians who have home mortgages.

“But let me be clear: Those who can pay their mortgages should pay their mortgages. Don’t rob from those who need this assistance now, and don’t rob from yourselves if, down the track, you also require this assistance.”

Government’s new COVID-19 response deal with banks will provide relief of an estimated $400 million for workers and companies –– that’s $820 million in total stimulus so far.

Edited by Ivamere Nataro

Feedback: jyotip@fijisun.com.fj

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