Swift Processing Time, Make Banks Compete
Source: PC Online
BY MATTHEW VARI
Chief executive officer of ANZ PNG, Mark Baker has told the Lands Department that it has the ability to create competition among banks in the housing market.
Mr Baker said this during a meeting between major banks and the Land Department in Port Moresby this week.
He said with effective processing times, prices come down on interest rates that aspiring home owners can benefit greatly from.
“If you can get this department to be the best government department, and we can rely on reliable transfer of land title then the banks then start competing with each other,” Mr Baker said.
“Right now because it is static and takes a long time, there is no pressure on us.”
“There are thousands of Papua New Guineans who want to own a home and you have this emerging middle class who want home ownership and they then demand reliable powers and utilities the things we all want.”
Mr Baker told the department it has the opportunity to showcase and drive change in the country, through its mandate.