Oil Search into home ownership in PNG

OIL Search has launched its inaugural home ownership scheme designed to help Papua New Guinean citizens buy or build their first home.

The scheme was endorsed by the Oil Search Board in October 2016, with formal Internal Revenue Commission approval given in December 2016.

Under the scheme, the company will advance funds to help employees secure a loan to buy or build their first home.

This will enable employees to participate in initiatives put in place by the PNG Government to encourage home ownership and the development of new housing in Port Moresby and other centres around PNG.

"Home ownership and the long-term security that it can provide is an aspiration for many people. Yet, saving for the equity deposit necessary to secure a loan to buy a house, or saving to buy the land and materials to build a house, can be difficult and unfortunately puts home ownership out of reach for many people," Oil Search executive general manager for stakeholder engagement, Gerea Aopi said.

"That is why Oil Search is introducing the first home ownership scheme to help our Papua New Guinean citizen employees to purchase or build their first home by providing the initial funds to secure the financing for a property.

"The scheme represents a considerable investment by Oil Search in its people," Mr Aopi said.