Home Loans & Insurance

How to Apply for the FHOS (First Home Ownership Scheme)
How to Apply for the FHOS (First Home Ownership Scheme)
June 23, 2022, 6:05 a.m.
News
Home Loans & Insurance
Advice
The satisfaction of owning a home is truly priceless because your own home is a place to raise your family, and importantly, it can be passed down to provide security for your children.Many Papua New Guineans do have a dream to own a home, but are often reluctant and put it off until later, due to many reasons, including high house prices, interest rates and repayment terms.Well there is good news, the BSP First Home Ownership Scheme (FHOS) has a much longer loan term and a concessional interest rate. About the First Home Ownership SchemeThe FHOS is a joint initiative between the Government of PNG and BSP, and provides access to all Papua New Guineans to flexible and affordable financial arrangements to enable them to own their own home.The FHOS offers a loan up to K400,000 which means customers will not have to pay for stamp duty. Equity is at 10% and repayment up to 40 years at an interest rate of 4% per annum.And we have a happy FHOS customer, David Jonah, who recently moved into his new home with his family, and he is thankful that he took that step to seek help and advice from BSP.“It was a wise decision to visit my branch and enquire, as I given valuable information which resulted in me deciding to purchase my new house” said Mr Jonah.You can have a house and call it your own. Take that first step HERE. It is open to all Papua New Guineans, whether you are working in the private or public sector, as long as you have the income capacity, including housing allowance, that ensures you afford loan repayments.Now the FHOS is tailored for first home buyers for self-dwelling. If you are interested it is important to note that you must not have not owned or part owned a house under state lease. Your spouse or defacto partner does not own or part own a property under a State Lease. And also you must not have applied for any other housing loan via another scheme.Under the FHOS, these are some criteria:•   Buy land under a state lease for the construction of a new house;•   Build a new house on a state land; and•   Buy both house and land under a state lease; or•   Buy a house which is less than 12 months old that is on a state land.•   Buy land under a state lease for the construction of a new house;•   Build a new house on a state land; and•   Buy both house and land under a state lease; or•   Buy a house which is less than 12 months old that is on a state land.Want to renovate or buy your second home?BSP also offers other Home Loan Products for other customers who may want to purchase another home, want to renovate or extend.The BSP Home Loan product is the best option to take. Unlike the FHOS, this product gives you the freedom to work out your equity and apply for an amount over K400, 000 +. The Interest rate is fixed and repayment terms vary in this instance.Set a Goal and start saving for your House.Everyone can be able to own a house. Make a commitment to start saving up for a house.photo credit: skerah.comIf you are interested, please visit your nearest branch or email [email protected], [email protected] or CLICK HERE to send an inquire.
The significance of insurance in Papua New Guinea
The significance of insurance in Papua New Guinea
June 23, 2022, 6:06 a.m.
News
Home Loans & Insurance
The recent Court’s fires, the Brian Bell fires in Lae, and the continuing car accidents along the Highlands Highway have called on PNG citizens and property owners to insure their lives and properties against these ongoing risks.The significance of insurance in Papua New Guinea has not been widely acknowledged by citizens in the past years and it has remained a low priority when purchasing a major asset such as property. However, Papua New Guinea has experienced dramatic economic growth driven by major real estate projects such as the PNG LNG, Duran Farm, Edai Town and many others still under planning, all of which have opened interesting opportunities for the insurance industry. Meanwhile, as new developments spring up across the country more and more citizens are insuring their assets against natural disasters such as fires and earthquakes.Thanks to the growth in PNG’s real estate market, along with the government’s initiatives to increase private spending, the home insurance and insurance industry in general is growing at a rate of 12% per year as more and more citizens insure their homes. The recent real estate developments will only increase demand from home insurance seekers, while inadequate public healthcare services are also expected to increase demand for private health insurance in PNG.Considering the presence of rising healthcare expenditure, the country’s personal cover and health insurance sector is expected to increase by 3.9% for the next five years.According to Bima’s Country Manager, Simon Schwall, the three most popular forms of insurance in PNG are car insurance, health insurance and life insurance. The nationwide Micro-bank launched MiLife in April 2013, an insurance package perfectly suited for low-income married couples.Insuring your life or assets is considered a precautionary measure against unforeseeable risk – in case an unfortunate event affects you, your assets or your family. Insurance helps you manage the event and limit its damage on your health and your assets. For example, when a person passes away and he or she is covered by life insurance, the family members are entitled to receive funds to deal with the death and funeral costs. Health insurance may also cover hospital costs in case you have an accident and need to go to the hospital for several days, incurring costs and/or lost revenue. However, every insurance company has a different package.The same concept applies to home insurance. There are more and more Papua New Guineans who tend to insure their homes. This is only natural – as many have seen their property burnt or damaged by an earthquake. There are different levels of coverage that one can apply to his or her assets; some only insure their homes for fire damage, while others prefer to apply for a complete home insurance against any damage possible.“The idea in general is to make sure you will be helped financially when you or your family needs it the most. It helps you go through difficulties and maintain the same quality of life even when facing a problem,” Schwall said.Estimate the value of insuranceIf a person was to save K10.8 per month in a piggy-bank to cater for haus krai and funerals, it would take more than 90 years to gather K12, 000 (K10.8 x 12 x 90 = K11, 664).With life insurance, one can pay the same amount (K10.8 per month) and his or her family will receive K12, 000 already on the first month of cover in case of an unfortunate and damaging event.“If you really care about your loved ones, then you should spend at least a few kina every month on insurance. It would be selfish to rely on the generosity of others when accidents happen,” Schwall commented. He also added that providing insurance in a young nation like Papua New Guinea was difficult, adding that Insurance was intimidating even in countries like the United States, Australia or New Zealand.There is no doubt that Papua New Guinea is a young country and that insurance penetration is low. But it is clearly growing fast as more and more Papua New Guineans realize the benefits of insuring their assets, securing a bright future for the entire nation.To receive news and updates about New Developments, Free Land Titles News, Real Estate Trends and other programmes to help PNG home buyers, CLICK HERE to receive the Hausples.com.pg Newsletter!
Smart Business Loan: BSP has funded over K40 million to SMEs
Smart Business Loan: BSP has funded over K40 million to SMEs
June 23, 2022, 6:06 a.m.
News
Home Loans & Insurance
BSP is committed to helping Small to Medium Businesses (SMEs) in Papua New Guinea grow and this is evident in the fact that more than 14,000 SME’s are using the bank’s Smart Business Account and have direct access to finance via the BSP Smart Business Loan.According to Dennis Konu, who heads the banks Smart Business Unit, since 2013, BSP has provided in excess of K40 million in loans to this valuable group of bank customers.  The Smart Business Loan product was introduced as part of BSP’s strategy to empower the large number of small to medium businesses in Papua New Guinea.“The product has generated considerable interest around PNG and is gaining momentum with over 800 loans funded. Despite the inherent risk associated with small business lending BSP has developed a process and criteria that suits the capacity of small businesses,” Mr Konu explained.The Smart Business Loan is accessible to registered SMEs that have traded for more than 12 months and use a business bank account. BSP extracts critical financial information about the business, from banking records to calculate how much the business can borrow. The loan is aimed at SMEs that may experience difficulty in meeting certain commercial lending requirements such as providing financial statements, or contributing equity and loan collateral.Owner of a local SME, Tapioca Delight, Ginia Siaguru, is a success story of the BSP Smart Business Loan product, which she used to purchase equipment that has helped her business grow.She says: “Looking for Small Business Loans can be challenging, but with BSP, having an established banking relationship helped me to further explore other options like opening a Business Account. It is through this Smart Business Account that has paved way for us to take out a Smart Business Loan.”Another success story, Rossica Salika, who owns Rossal (Tual Immess) Limited, a tailoring business in Port Moresby shares similar sentiments to Ms Siaguru. Rossica admits that it was difficult to seek additional finance to purchase new sewing machines to increase productivity. She had operated through her personal bank account. Things changed for the better, when she was introduced to the Small Business Package and Loan products.“The business was in operation for over 12 months, and my bank statements were easily obtained and supplied when I applied for a Smart Business Loan. BSP staff were helpful and assisted me in completing the application and ensuring all requirements were provided,” she said.Rossica used the Smart Business Loan to purchase two new sewing machines, hired two more seamstresses. Her business is growing. And with her business growing she is able to give local women an employment to “earn some money and support their family”.
Insurance. How to Avoid the Worst Mistake in Property: being under-insured
Insurance. How to Avoid the Worst Mistake in Property: being under-insured
June 23, 2022, 6:06 a.m.
News
Home Loans & Insurance
Receive a FREE insurance health check and you will go into the draw for a luxurious dinner for two! 3 x Lucky Winners will be taking a break from their busy Pacific Games schedule to enjoy the superb surroundings of an International Hotel. Call now on 321 6808 or click here to contact the team at Trans Pacific Assurance Limited.In Papua New Guinea there are low penetration levels of insurance – among the lowest in the world. This results in risk and insecurity. Recent major fires in Lae and Port Moresby have caused tremendous damage to property and businesses not to mention the hopes and dreams of those worst affected. This article will explain how a free insurance health check on your home or your business can provide great security and peace of mind.The health check process aims to summarise your insurance profile. Many property and business owners in the past have discovered too late that their coverage did not include what they thought it included. Greg Peck, General Manager of L.J Hooker agrees “Some property owners ignore the risk of not being insured and a lot of property owners are under-insured or are even sold the wrong policy to start with”.To avoid this situation you should be asking yourself very basic questions about your exposure across the entire range of possible problems. Let’s talk through an example: if a 3 bedroom home in Tokarara valued at K450,000 was damaged by fire or storm – it would use all of your life savings to rebuild. An appropriate policy covering you against this might cost less than a packet of biscuits and a can of soft drink! Now though, your life savings would be free from the burden of rebuilding your home.Investment properties, businesses and their buildings are also open to the insurance health check process. This recently resulted in a new TPAL customer saving money and greatly increasing the level of coverage.Workers’ Compensation and Public Liability insurances are an absolute must as accidents do happen in and around workplaces and your risk really needs to be managed. “Don’t pretend for a minute you don’t need insurance” says Peck “as it is only after the event we hear from property and business owners and we see who’s been careful and thoughtful with risk and who has been ‘unlucky’!”.Call 321 6808 now or click here to arrange a meeting with the team at Trans Pacific Assurance Limited.To receive news and updates about New Developments, Free Land Titles News, Real Estate Trends and other programmes to help PNG home buyers, CLICK HERE to receive the Hausples.com.pg Newsletter!
BSP Ticket Giveaway for the 2015 Pacific Games
BSP Ticket Giveaway for the 2015 Pacific Games
June 23, 2022, 6:06 a.m.
News
Home Loans & Insurance
Since April BSP has been giving away tickets to randomly selected customers who have successfully conducted mobile banking transaction. In June, BSP is giving away tickets to customers who download and activate the new BSP Mobile Banking App. 20 customers were selected each week for general admission passes and + 1 lucky customer gets selected for the major giveaway, which is an all access Event or Venue Pass.Over 150 tickets have been given out to randomly selected customers who purchased Top up via BSP Mobile Banking in April and in May 3rd Party Account transfers.  n June, customers still have the chance to score Free Tickets to the Pacific Games but this time, BSP is giving away four (4) tickets to each of our selected customers. This is a chance to share the games with your family or friends. You can be selected, by simply downloading the BSP Mobile Banking App and Activate.There will be 20x family pack (General Admission) and 1x Family (Major Giveaway) to be given away  in the next few weeks, in the lead up to the 2015 Pacific Games. Get the word around and get registered for the weekly draw. All successful Mobile Banking App activation will be registered, and random selections will be made each week. BSP ticket giveaway winners will be contacted directly by BSPClick HERE for more information on BSP ticket giveaway. What can you do with the BSP Mobile Banking App?The BSP Mobile Banking App can be downloaded at the Google Play Store, Windows Store and the Apple App store. All you need is data and a reliable internet connection through your Smart phoneIn one application, you can sign in and:Have access to your account anytime, anywhereView your balances and recent transactionsSend Wantok Moni, to anyone through their Mobile phone number.Pay your Bills or schedule paymentsTop up prepaid mobile phones and easiPAY electricity units (and someone else’s)And much more! See HERE for more information. Get Started!If you’re an active Mobile Banking customer and have a smartphone! Then you’re ready to get mobile. All you need is your BSP Customer Identification Number, 16 digit BSP Issued card number plus your Mobile Number.Download the BSP Mobile Banking Application fromActivate UserSelect the BSP Mobile Banking app iconTerms of Use – Select Accept to proceed or Reject to ExitSelect Sign In iconSelect Activate UserEnter your CIF (User ID) number, Card Number and Phone NumberSelect Submit buttonYour One Time Password (OTP) will be sent via SMSEnter Your One Time PasswordCreate your PasswordRe-enter your PasswordSubmitHaving problems? Read HERE!How the BSP ticket giveaway worksIn June Customers with Smart phones can now Download and Activate their BSP Mobile Banking App. Only successful Mobile Banking App Activations will be registered and are randomly selected to get Free Tickets. The draws will be done weekly.Data is collated weekly.Selections done weekly.Selected Customers will be contacted directly by the BSP and their names be posted on BSPs Social Media and website.Tickets will be sent to nearest BranchTo collect tickets customers must present VALID identification: Driver’s License, Employer ID Card, Passport etc.To receive news and updates about New Developments, Free Land Titles News, Real Estate Trends and other programmes to help PNG home buyers, CLICK HERE to receive the Hausples.com.pg Newsletter!
BSP Personal Loan to rescue this Christmas!
BSP Personal Loan to rescue this Christmas!
June 23, 2022, 6:07 a.m.
News
Home Loans & Insurance
Well it’s come to that time of the year again where we’re all called to care and share more. As exciting as the festive season may be, it doesn’t come quite cheaply. But before you get all worked up into a frenzy about digging deeper into your pockets, Bank South Pacific (BSP) is here to save the day with its products focus of the month. That is, the Personal Loan and the Savings Secured Loan (SSL). BSP’s two products are beneficial during this time of merriments as they offer Papua New Guineans a chance to save while at the same time splurge. Be it giving your loved one a thoughtful gift or organising a memorable trip for your family this Christmas, the Savings Secured Loan and Personal Loan have got you covered. These two products have different features but what sets them apart from other loans is that they have been developed to assist Papua New Guineans in saving. BSP Savings Secured LoanThe notion behind the Savings Secured Loan is to secure one’s nest egg by borrowing against it. For example, let’s say you have been putting aside money into your savings account but then an urgent family emergency arises. You don’t have any cash on hand except the kina in your savings account. Instead of going straight to the bank and withdrawing all that money, you can acquire a loan that is twice the amount of your savings. Your savings will then be used as collateral during the period of the loan. As an example, if have saved K 600 and would like to obtain a loan under the Savings Secured Loan, you would then be eligible for a loan of K 1,200.The beauty about the loan is that you can earn a higher interest while paying off the loan at a sound rate. Other benefits of it include a quick turnaround time, fast disbursement, a competitive interest rate and same day approval of 24 hours. As for the requirements to apply for the a Savings Secured Loan, it is quite simple really. You would need to be a BSP customer with a regular income who’s displayed a savings pattern over a period of time in either a BSP Kundu or Plus Savers accounts.Now that we have established the gist of the savings secured loan, you’re probably thinking that it does not get any better than this. Well, you would be wrong because the Personal Loan is also a cause for celebration! BSP Personal LoanBSP’s Personal Loan is pretty much self-explanatory. Basically, you can get a loan for whatever personal reasons you may have. Whether you need to purchase a headstone for a relative who’s passed away or you need to lend financial assistance to a bride price, the Personal Loan will be of great aid to you. Apart from its flexibility of purpose, the Personal Loan requires minimal documentation and no security whatsoever.The plus side of the Personal Loan is that it does not call for security. Therefore, you do not need to provide any collateral. Like the Savings Secured Loan, the Personal Loan’s eligibility criteria are verified by BSP depending on an applicant’s income, credit history (in terms of any other loans acquired by the applicant) and repayment history. As far as any other loans offered out there, BSP’s Personal Loan and Savings Secure Loans are trump cards. So if you’re concerned about saving a lot of Kina but do not want to touch your savings this festive season then head on out to your nearest BSP branch!Copyright Hausples.com.pg, article by Pauline Mago-King
Insurance VS Risk: Protect  your Future
Insurance VS Risk: Protect your Future
June 23, 2022, 6:08 a.m.
News
Home Loans & Insurance
Threats that can end our dreams are all around us – but they can and should be planned for and avoided. On the night of the 24th October this year, fire ravaged the Mt Hagen trade center causing millions of Kina of damage. Lae has also seen many homes, businesses and lives destroyed by intense heat and flames – only to be reduced to ashes. These losses are occurring countrywide and right throughout the year. Every year. And this is damage caused only by fire – one of many risks here in PNG. Accidents, theft, extreme weather events, loss of income or business, the cost of medical problems – these are all risks that can impose deep hardship and financial ruin. You can and should take control. These risks can and all too often do destroy the greatest investments we make in our lives. It is up to each of us to take advice from experts and manage these risks. They will help to identify where risk exists, quantify and analyse its aspects and components and help to develop risk response strategies providing the best insurance plan. Also, monitoring these risks continuously to determine how they change over time is greatly important.  These are all concrete steps you can take to protect your greatest investments. Lives, homes, businesses and vehicles – invested and protected.  Papua New Guineans are increasingly active in business as the country’s formal economy continues to expand and it is up to each and every one of us to take steps to protect what belongs to our families for the future. Like a breath of fresh air, Trans Pacific Assurance Limited are reviving the insurance industry in PNG since their opening on the 29th April 2014.  And now it is the public of Papua New Guinea who can reap the benefits by relying on the efficient and effective insurance expertise on offer. After all, the tremendous personal benefit gained through understanding and using insurance products is still not understood by too many – all this is set to change with the arrival of TPAL – experts at managing risk. Trans Pacific Assurance Limited is located on the 3rd floor of Defens Haus, Downtown Port Moresby. They provide general insurance products such as motor, business, medical and home insurance products.  Professional risk management services are delivered by a team of highly skilled professionals who continually showcase their dedication to the all-important customer providing that “extra mile” service across the whole of PNG. Call TPAL today to make sure you protect your part of PNG’s economic prosperity. The wealth of the nation is improved when each of us does well – we all benefit because there are more jobs and more money and more customers and more sales. To fail to protect our investments in businesses and homes and vehicles is to risk the wealth of us all. Copyright Hausples.com.pg
How to Apply for a First Home Ownership Scheme Loan: Criteria & Application Forms
How to Apply for a First Home Ownership Scheme Loan: Criteria & Application Forms
June 23, 2022, 6:15 a.m.
News
Home Loans & Insurance
Following the announcement last Wednesday that the Bank of South Pacific and the Government of Papua New Guinea  have formally signed an agreement to make First Home Ownership Scheme Loans (FHOS) available, BSP have now announced the eligibility criteria and application forms for people to apply for a loan. Key details of the FHOSEligible borrowers will have access to heavily discounted interest rate and preferential loan terms. Below are the key terms of the FHOS:Maximum loan amount of K400,0004% fixed rate of interestUp to 40 year loan termNo bank charges of feesNil penalties for early repayment of the loanCertain restrictions on the resale or refinancing of the loan Eligibility Criteria and how to applyEligibility Criteria for a First Home Ownership Scheme LoanBe a citizen of Papua New GuineaProvide proof and evidence of a 10% contribution to the equity of the home purchased (for example in the form of a deposit)Be employed and earning a regular incomeNot have previously owned a homeIntend to live in the home (home must be owner-occupied)Documents that must be provided in support of the applicationBank statements if you are BSP customer3 months of prior bank statements if accounts are not held with BSPStatement regarding current or prior debts owed to banks or other lenders for the preceding 3 months3 months of prior payslipsEvidence of current employment or a copy of your employment contractHow to apply for a First Home Ownership Scheme LoanComplete the BSP Loan Application Form or visit the FHOS page of the BSP WebsiteSubmit copies of the Title Deed confirming ownership of the land or the lease if State ownedStatutory declaration confirming this is your first home and you will live in the homePlease note: Further eligibility criteria and loan conditions will apply, please seek clarification by visiting the BSP website or a BSP branch.Commercial terms of the loanMaximum loan amount of K400,0004% fixed rate of interestUp to 40 year loan termNo bank charges of feesNil penalties for early repayment of the loanCertain restrictions on the resale or refinancing of the loan How does the FHOS compare to a standard loan?The following is a comparison of the commercial terms of a First Home Ownership Scheme Loan versus a typical home loan from one of the major commercial banks in PNG such as BSP or ANZ:4% fixed interest VS current interest rates of approx 8.45% – 9%40 years for repayment VS typical repayment terms of a maximum of 30 yearsNo bank fees VS a variety of fees and charges levied on the typical home loanNo penalty for early repayment VS  charges or ‘break costs’ associated with a standard home loanOn the basis of the above, the First Home Ownership Scheme Loan provides a large incentive for people searching for their first home to buy in PNG.However, people considering First Home Ownership Scheme Loans should also bear in mind some of the important terms and conditions attached to the loan. For example, the restrictions on the sale of the property or refinancing of the loan is designed, amongst other things, to keep the house in the family for enjoyment by future generations. In addition, it is expected that this restriction will also prevent people speculating on property price rises and selling homes at a profit.In addition, the requirement that the home be owner occupied will restrict borrowers from renting the property and this must be borne in mind in case a purchaser anticipates future career moves or other lifestyle changes that might require them to move home.Finally, borrowers should be aware that the First Home Ownership Scheme Loans are still a commercial arrangement between the borrower and BSP, and are not a form of grant, tax break or other concession by the Government. As such, borrowers will still be expected meet their loan obligations. What do you think of the FHOS? Are the eligibility criteria fair? Will you be applying? Tell us in the comments below
BREAKING NEWS: PNG First Home Ownership Scheme Loans Finalised!
BREAKING NEWS: PNG First Home Ownership Scheme Loans Finalised!
June 23, 2022, 6:17 a.m.
News
Home Loans & Insurance
First Home Ownership Scheme Loans Formally Announced by BSPThe Bank of South Pacific in conjunction with the Government of Papua New Guinea (the “State”) have formally signed an agreement to make First Home Ownership Scheme Loans (FHOS) available.Following an initial announcement in May this year, the scheme is a direct response by the State to PNG’s chronic shortage of “quality and affordable housing”. In particular, the State has recognised the fundamental impact this crisis is having on the lives of many Papua New Guineans, particularly in the larger cities of Port Moresby and Lae. Whilst benefits will also flow regional areas which are  experiencing significant rises in the cost of houses and other accommodation.BSP Group CEO Robin Fleming said of the scheme “BSP believes that home ownership is a means for ordinary Papua New Guineans to establish an asset base that can be passed onto their children.  So it is with pleasure that we here today with the Prime Minister to announce this joint initiative, the First Home Ownership Scheme,”. Key details of the FHOSEligible borrowers will have access to heavily discounted interest rate and preferential loan terms. Below are the key terms of the FHOS. Commercial terms of the loan:Maximum loan amount of K400,0004% fixed rate of interestUp to 40 year loan term Analysis – is the First Home Ownership Scheme Loan for you?For home buyers eligible for the Scheme, the loans terms are very favourable when compared with standard home loan terms.The following is a comparison of the commercial terms of the FHOS versus a typical home loan from one of the major commercial banks in PNG such as BSP or ANZ:4% fixed interest VS current interest rates of approx 8.45% – 9%40 years for repayment VS typical repayment terms of a maximum of 30 yearsOn the basis of the above, the First Home Ownership Loans provide a large incentive for people searching for their first home to buy in PNG .However, borrowers should be aware that the First Home Ownership Scheme Loans are still a commercial arrangement between the borrower and BSP, and are not a form of grant, tax break or other concession by the Government. As such, borrowers will still be expected meet their loan obligations. Reaction from the real estate industryThe PNG real estate industry and in particular real estate agents and property developers have welcomed the launch of the First Home Ownership Scheme Loans. The Port Moresby real estate market in particular has experienced somewhat flat growth over the past few months and agents are expecting this initiative to drive increased interest in houses in the K200,000 to K700,000 range.Similarly, the scheme bodes very well for large scale housing developments such as the housing development at Edai Town in the National Capital District. Edai Town has a range of accommodation options starting at K280,000 for townhouses and ranging up to K498,000+ for freestanding houses; this places the project squarely within the reach of those considering the FHOS. The official launch First Home Ownership Loan Scheme is expected to see a flood of interest for this project and others similar to it throughout PNG. Want more information?To be informed about the full details of the FHOS when it becomes available click below. Provide your details to receive more information!And to see properties between K100,000 – K500,000 Click Here and happy house hunting!
Budgeting to purchase a home in PNG
Budgeting to purchase a home in PNG
June 23, 2022, 6:19 a.m.
News
Home Loans & Insurance
It’s no secret that in order to purchase a home, you need  savings and to save you need to budget. If you plan to purchase a new home in PNG’s expensive property markets (especially Port Moresby and Lae), a healthy budget is essential and smart.Wondering where to start? Hausples has created the following guide to creating and sticking with a monthly budget and we have even created an online Budget Planner to help you – Click Here to see it! We believe every Papua New Guinean should be able to afford a home and this is our way of helping you to keep more money in your pocket and getting a handle on your finances so that you can make your new home a reality. How to budget for a home using the Hausples.com.pg Budget Planner:1. Examine your monthly income – You will notice that the first tab of the Budget Planner is titled ‘Income’. On this tab list the anything that earns you money each week, fortnight, week or year. Once complete you will know exactly how many kina you earn each year.2. List your monthly expenses — The next 6 tabs after income are where you enter your various expenses. For example, ‘Living’ expenses might include food, clothing and medical expenses. In these tabs include all of your various expenses such as your rent, power, car repayments, mobile telephone, food and anything else that you have to pay for regularly.3. Look at your summary – Once you know your total income and expenses you can click on the ‘Summary’ tab of the Budget Planner to see your income, your various expenses and how much is left over (the ‘surplus’). The surplus is the amount you are currently saving.4. Remove expenses you can avoid to increase savings — If your savings are not what you hoped for, you now need to revisit the various expenses tabs and remove expenses that you can avoid. This is the hard part! Expenses you might be able to cut-down on include entertainment, shopping, alcohol or takeaway food. Try to find places you can cut back without dramatically changing your lifestyle.5. Revisit the summary to see your new savings amount — Examining this should help you review your spending patterns and make better decisions about spending. Tips save more money and improve your budgeting:– Keep a list of everything you purchase over a 30-day period. You will be amazed at where your money goes.– Always overestimate your expenses. This way you are pleasantly surprised by any miscalculations.– Be organised and thorough — Don’t guess your expenses. You need to track how much you have, down to the last kina.– Examine your bank statements on a regular basis to track your spending.– Be conscious of what you buy by making a list before you shop and stick to it. Compare prices before buying and never buy on impulse.– Live the simple life – The less money you spend on things you really don’t need, the more you will have to put toward your new home.– Once you do start saving money, put it away! Deposit it safely into an account you can’t access from the ATM. Unsure how much money you need to buy a home?If you are unsure the amount of savings required to secure a home loan or would like to know your likely repayments, we recommend speaking with a BSP home loan expert who can provide you with all of the information you need – Click Here to start the process.Once you know how much you need for your deposit, use the Hausples Savings Goal Calculator to determine how long it will take you to save the deposit you need.Best of luck saving and house hunting from Hausples.com.pg!
Bank of South Pacific Sponsor Hausples.com.pg
Bank of South Pacific Sponsor Hausples.com.pg
June 23, 2022, 6:24 a.m.
News
Home Loans & Insurance
BSP Major Sponsors of Hausples.com.pgHausples is incredibly excited to announce that the Bank of South Pacific (BSP) has become the major website sponsor and partner of Hausples.com.pg.Hausples CEO Brian Byer explains the logic behind the partnership “BSP are a natural fit for the Hausples community. Our buyers and renters already likely utilise BSP services and this partnership will allow them to access important financial literacy information and relevant offers”. Under the arrangement BSP will gain exposure via the Hausples.com.pg website and both parties will work together to provide relevant financial information about buying or renting a home. “Hausples.com.pg allows people to access available housing more easily and quickly, and BSP supports initiatives such as this. Whether you are seeking to buy or rent a home, the financial considerations are significant and BSP can provide advice and services to help people achieve their goals” explains BSP Head of Marketing & Public Relations Julie Fraser. In addition to bolstering the Hausples.com.pg offering to website users, the BSP partnership will allow the site to expand to cover more homes for rent and sale “We are a free website for our users and sponsorships such as this are critical to allow us to engage with more real estate agents. By boosting our engagement with agents throughout PNG, we will be able to list more properties for rent and sale which is exactly what our users want.” said Brian Byer. The partnership has also been welcomed by the real estate agents that utilise the services of Hausples.com.pg “Hausples is helping us achieve excellent outcomes for our customers and we are very happy to see their strategic alliance with one of PNG’s most respected brands – BSP” said Century 21 Suile Executive Chairman Brian Hull. It’s exciting times for both the renting and buying public in PNG and Hausples.com.pg CEO Brian Byer says more important announcements are imminent “Our team is always looking for ways to improve our value proposition to our users. This announcement is part of a range of initiatives that we will announce in the weeks and months to come”.Click Here to read the full media release from BSP.For more information regarding this announcement please Contact Us.