On 30th June 1962, HFC was incorporated at the initiative of the British Overseas Development Corporation (now Commonwealth Development Corporation) in partnership with the Government, primarily to provide Government‐guaranteed assistance for housing finance to civil servants.
“This morning is a memorable one in the history of HFC with two events. First it is launch of the HFC’s 50 Year celebration, which will be celebrated whole of June this year and second is draw for the Super Dream Home Package, said Chairman of Board of Directors, Mr. Tom Ricketts. On the 50 years; over the years, the shareholding structure changed as follows since 1962:
“From the humble beginning since 1962, over the years the company has made significant progress in all dimensions and it has only come about with support and cooperation of the founders, the shareholders, regulators, government, Board, Management, Staffs and of course, the loyal customers of Home Finance Company Limited,” said Mr. Tom Ricketts.
With gradual changes to the shareholding structure and the eventual exit of Government (in 1995) and CDC (in 2002), HFC is currently owned by FNPF (75%) and Unit Trust of Fiji (25%). Since its inception, the company’s primary business focus had always been a provider of home lending facilities, mainly to first home owners with low equity. By the late 1990s new challenges started emerging for HFC with growing competition in home loan market by commercial banks said Chief Executive Officer, Mr. Isikeli Tikoduadua. Despite various challenges such as social, economical, political, company has re‐strategized itself with innovative products and services, customer agenda and enhanced its risk management and corporate governance platforms; said Mr. Isikeli Tikoduadua.
“HFC is now engaged in commercial/business loans, home loans, investment & personal loans. The company apart from loans; offers term deposit facilities for the retail and wholesale customers. It also supplements products and services with various ranges of insurance products as it is an insurance agent for Tower Insurance and Fiji Care Insurance Limited” said the Chairman, Mr. Tom Ricketts.
In the last six months, HFC has introduced three new loans products – HFC Super Dream Home Loan, HFC Top Gear Disaster Rehabilitation Loan especially for the recently affected flood victims and HFC Top Gear SME Loan Facility, targeted for small to medium enterprises, stated Mr. Isikeli Tikoduadua. “It is all about innovation and innovation for the people, who indirectly own HFC as members of FNPF or shareholders of Unit Trust of Fiji” said Mr. Isikeli Tikoduadua. “We are local and we understand better the needs of the people” he added.
“Today we are going to draw the three lucky winners from each of the three regions (Central, Western and Northern) for the Super Dream Loan Package that was launched on 8th December 2012 at Holiday Inn by “Hon. Aiyaz Sayed‐Khaiyum ” ‐ Attorney General and Minister for Justice, Anti‐ Corruption, Public Enterprises, Communications, Civil Aviation, Tourism, Industry and Trade, said Chairman Mr. Tom Ricketts.
The winners will spend a night fully paid accommodation at Intercontinental, Natadola. “So this is one of the giveaways for the 50‐ year Celebration” added Mr. Ricketts.
The Super Dream Home Loan Package has given us very impassive results, exceeding our forecast by 66% for the last 6 months, said Mr. Tikoduadua. The minimum amount to borrow is $30,000 to a maximum of $500,000. The equity is just 10 per cent and the rest is covered through special insurance scheme (Excess Loan Guarantee). Interest rates are 5.5% for first 12 months and thereafter 7.5% variable. This product is available for those who have land or would like to purchase land and build. This also supports government’s home ownership program and customers would be able to qualify for the Vat refund, announced in the National Budget, by the Prime Minister last year for an investment up to $120,000.
On the launch of the 50 Year celebration, while considering the flood earlier part of this year, the company felt that there could be more giveaways as part of corporate responsibility such interest of 4.99% for HFC Top Gear Disaster Rehabilitation Loan, said Mr. Tikoduadua.
There are also various indoor promotional programs that will run until 30th June 2012 such as discount of establishment fee 25‐50% for HFC Plus Point Loans for bus companies and 50% discount on establishment fee on Personal Loans relating to Education, Medical and Funeral.
Indeed this year marks 50 years of experience for HFC and we thank our past and present customers for their valued custom as with their patronage HFC has grown from strength to strength. We also acknowledge the past staff management and Board of HFC and may I specially extend my sincere thanks to the current Board of Directors, CEO , Management and staff for giving our customers a delighted customer experience with HFC said Chairman Mr Tom Ricketts.