Changes to FNPF’s Housing Withdrawal Policy

The Fiji National Provident Fund (FNPF) has made significant changes to its housing withdrawal assistance policy, aimed at providing greater flexibility and support to members in their home ownership journey.

The revised policy, effective 1st March, 2025, includes updates to the housing withdrawal grounds with revised minimum and maximum limits set on certain grounds.

The updated policy changes are designed to address the evolving needs of members and the rising costs associated with construction and home ownership.

Chief Executive Officer Mr. Viliame Vodonaivalu said these changes reflected the FNPF’s commitment to empowering its members to achieve their dreams of home ownership.

“We understand the challenges faced by our members, particularly with the increasing costs of building materials and labour. These policy updates are tailored to provide meaningful support and ensure that more members can access the assistance they need.”

“Homeownership is a cornerstone of financial security and stability. At FNPF, we are dedicated to providing innovative solutions that empower our members to build a better future for themselves and their families,” Mr. Vodonaivalu concluded.

Key Policy Changes:

• New Purpose – Completion

Members who have started construction projects using their own funds can now apply for FNPF assistance to complete their homes. This change provides clarity and flexibility for members who need additional support to finalize their initially self-funded housing projects. This withdrawal assistance is dependent on a member’s eligibility with a minimum of $15,000.00 applicable under this withdrawal ground. This ensures that no project is left incomplete due to financial constraints.

• Quick Repairs

The minimum withdrawal for quick repairs has been set at $1,000.00 with a maximum of $5,000.00. This policy change aims to assist members in maintaining and improving their homes by accessing available funds in their General Account.

• Construction

The minimum withdrawal amount for construction has been increased to $15,000.00 (previously $10,000) reflecting the rising costs of building materials and labour. The increase in the minimum construction withdrawal amount is a direct response to the current associated costs of building projects as well as addressing concerns on meeting building structural and safety standards.

• Home Loan Reduction

Members can now access up to 10% of their balance for home loan reduction, providing a significant boost to those with low General Account balances. Previously, the minimum threshold was 15%. This revised change allows for more members to qualify for bulk home loan reduction.

• Surveying Fees

Surveying fees for unsurveyed land can now be sourced from FNPF funds in order to get a proper registered title. Thereafter, members can apply to build using their funds as collateral towards further financial assistance.

Additionally, the Fund had put in place measures to address misuse of housing withdrawal funds, preventing members from accessing other early withdrawal grounds until they had repaid the funds that had been misappropriated. The policy change now allows members to access other early withdrawal grounds except

for housing.

The FNPF remains committed to supporting its members in achieving their home ownership dreams. These policy changes are part of a broader strategy to ensure that members have access to the resources they need to build, repair, and own homes that meet their needs and aspirations.

For more information on the updated housing withdrawal policies, members are encouraged to visit the FNPF website or contact their nearest FNPF office.

SOURCE - Fiji National Provident Fund