Nasfund announces People’s Micro Bank Ltd as a housing advance supplier

21 December 2023

In efforts to provide members with more options to access their housing advance benefits, the National Superannuation Fund Ltd (Nasfund) is excited to announce that the People’s Micro Bank Ltd is now an authorized housing advance supplier for eligible Nasfund members’ equity payments.

The housing advance scheme allows active members who have contributed to an authorized Superannuation Fund for more than five years to use 100% of their member-only contributions to assist them in the purchase or building of their homes. The housing advance can also be used as an equity for members to acquire housing loans from recognized financial institutions.

The Head of Sales for People’s Micro Bank, Mr. Yawetau Salem expressed gratitude to Nasfund for welcoming them on board as a Housing Advance supplier.

‘’We believe this is a strategic move because as an authorized housing advance supplier, we aim to offer tailored housing finance options to Nasfund members that include a competitive interest rate of 5.2% per annum, with flexible repayment terms, which we believe will greatly assist members of Nasfund in achieving their dream of home ownership.’’

General Manager for Member & Employer Services (MES), Anne Wilson commented that,

‘’Following this announcement, Nasfund members who acquire a housing loan from People’s Micro Bank Ltd will have their advance paid directly to the bank to form a downpayment to a larger loan on behalf of the member as per the conditions stipulated under Section 90 (4) of the Superannuation General Provisions Act (2000).’’

She also expressed that the Fund is always committed to identifying new opportunities that will benefit members and this is one such strategic move that the Fund has ventured into with the People’s Micro Bank Ltd to help Papua New Guineans make their home ownership dreams a reality.

Nasfund members who require additional information on the Housing Advance scheme are encouraged to visit this link https://nasfund.com.pg/services/housing-advance-scheme/ or reach out to us by contacting 1588 or emailing help@nasfund.com.pg.