The K2000 incentive will be paid once a home loan is settled and represents a market first for Papua New Guinea.
Executive Managing Director of Banking Services and National Director of Kina Bank, Lesieli Taviri, said the initiative rewards borrowers and helps them on their home buying journey.
“In addition, we will offer an aggressive rate of 5.47% for these loans. Once again, we are delivering a market-leading offering that gives people choice,” said Taviri.
She added, “We always try to help people in PNG with our financial products and services, but we understand that owning your own home is a huge aspiration for everyone and we believe this initiative will encourage people to achieve that. .
“Homeownership is the foundation of a healthy economy because it has a ripple effect on the purchase of household goods and services.”
Taviri said this new incentive program builds on other initiatives they have already rolled out and is helping to boost the country’s growth.
As part of the offer, there will be a dedicated online application form to speed up the loan application process for customers. The form acts as a pre-qualification process where the bank will collect important information.
However, strong industry support will also be available to people who prefer face-to-face discussions.
The cashback offer will run until September 30.