Kina Fixed Rate Home Loan.

Applying for home loan can be daunting. There is definitely a lot to consider. The good news is that our lending team are with you every step of the way. To apply for a Kina Standard Home Loan we split the process into 6 easy steps:

1. Talk to us.
We will explain what a pre-approval is, how much you can borrow and detail the costs involved in obtaining a loan. We take pride in making sure there are no hidden fees when it comes to applying for a loan.

2. Get your deposit together.
To apply for a Kina Standard Home Loan, you must have a minimum of 10% of the purchase price saved as a deposit. There are a number of ways you can build your deposit:

i. Accumulate cash savings
ii. Access your housing eligibility funds via your superannuation provider
iii. Raise finance against an unencumbered property to purchase your new property.

3. Commence your house hunting
Once you’ve found a property, work out how much you can pay based off your conversations with your lending partner.

4. Sort the paperwork
Once you’ve put an offer on the property and pre-approval is granted, it’s time to get the do the paperwork. You’ll need to sit down with both your lawyer and banker to arrange all of this. This is the point where you will get your formal approval from the bank.

Once you’ve put an offer on the property and pre-approval is granted, it is time to get the paperwork in order. You’ll need to sit down with both your lawyer and banker to arrange all of this. This is the point where you will get your formal approval from the bank.
i. Complete your application form.
ii. Arrange with your lawyer and vendor the contract of sale. You must provide a copy to your banker.
iii. Arrange the 10% deposit.
iv. Arrange insurance quotes for home and contents. Kina Bank works with a panel of insurance firms and we can guide you through these steps if needed.

5. Sight the legal documents
Once you’ve received approval from the bank, you will receive a mortgage document which you can sign. Once you’ve signed it please return it to your banker.

6. Finalise settlement

Once you’re done this, collect your keys and move in!

When applying for a new account, you will need to have 2 forms of primary ID. We classify primary ID as:

• Passport (foreign passport must include a copy of your entry permit)
• Driver’s licence
• Employment ID card with employment confirmation letter
• Current student ID and confirmation letter from your tertiary provider
• Superannuation membership card
• PNG work permit with Labour & Industrial Relations letter
• PNG Government issued photographic Licence and or Permit
• National Identity card issued by NID office

*All forms of ID must be valid. Any expired ID won’t meet the ID requirements and as such we won’t be able to accept the ID. If you don’t have 2 forms of Primary ID, please call us on +675 308 3800 or 180 1525.

• Loan sizes start from as low as PGK20,000
• No upfront application fee
• Loan terms range from 1 year to 30 years

All of our fees and charges can be found in the Kina Bank Fees Schedule, see it here.

The repayment structure is principal and interest. If you’re employed, the repayments will come directly from the account that your salary is paid into. If you’re self-employed, the repayments will be taken from your primary transaction account.

Yes. Repayments must be drawn from a Kina Bank account.

Yes, but advance payments can only be redrawn for payment of the annual insurance renewal premium, where applicable.

Yes, you will be charged PGK10 each month.

You must be at least 18 years of age.

The Kina Standard Home Loan is set up to offer you the opportunity to borrow as little as PGK20,000, but there is no maximum borrowing limit set. The limit will be determined against your salary. The minimum loan term is 1 year and the maximum loan term is 30 years.

Yes. When you submit your application, you will need to show proof of employment. If you’re employed, you need to have a minimum of 6 months’ employment and if you’re self-employed you must have been working for a minimum of 2 years.

You can call us on +675 308 3800 or 180 1525 and our friendly team will help you get the information you need.