Relief package for rental investors

RENTAL investment property owners who are facing issues because of COVID-19 need to make arrangements with their own banks.

This, according to Attorney-General and Minister for Economy Aiyaz SayedKhaiyum.

He made the comment during a 2021-2022 national budget virtual consultation last Sunday.

The A-G said the Reserve Bank of Fiji (RBF) was working with commercial banks on the issue.

Mr Sayed-Khaiyum was responding to a participant who asked whether there would be a relief package for people who took up loans for rental investment property and were caught up in the COVID-19 crisis.

The participant also said some investors faced overdue loan repayments and a lack of tenants for their rental properties.

Mr Sayed-Khaiyum said investors facing difficulties needed to make arrangements with their banks.

“We have the RBF working and if there’s a genuine case, the RBF has worked together with the individual bank to ensure that there’s some reprieve or relief given to you.

“We’ve also said that those landlords who give a discount on rents to the existing tenants, we are talking about commercial rents, not residential rents — that you be able to get some form of tax relief as far as the landlords are concerned.”

... landlords who give a discount on rents to the existing tenants, we are talking about commercial rents, not residential rents — that you be able to get some form of tax relief as far as the landlords are concerned. – Aiyaz Sayed-Khaiyum