Minster within the Housing and Water Ministry, Susan Rodrigues
The Guyana Bank for Trade & Industry (GBTI) has launched its latest innovation in financial services, HomeStart Advantage Savings Account.
This initiative was unveiled on Friday during the International Building Expo 2024, where Minister within the Housing and Water Ministry, Susan Rodrigues, commended GBTI for advancing government’s policies aimed at ensuring housing opportunities for all Guyanese.
During the launch, Rodrigues emphasised the importance of good policy in fostering institutional growth and expanding opportunities for citizens.
“We are just talking about one institution, but good policy can improve any institution and record incredible growth. It’s the same thing we want for every Guyanese if these opportunities are understood and people can respond and take advantage of all the opportunities,” she stated.
Rodrigues further highlighted the government’s unwavering commitment to ensuring that every Guyanese can prosper and participate in the growing economy.
Chief Commercial Officer, Rawattie Mohandeo
“That’s why it’s important for people to understand the goals of the government, and we’ve been unwavering in that regard. The main focus in everything we are doing is that every Guyanese can prosper. Everyone can participate in this growing economy, and it’s the same we want for every single Guyanese,” she added.
The minister also underscored the critical role of public-private partnerships in achieving these goals, noting that the public sector is of great importance to the government.
“That is why we rely on the private sector, and we look forward to public-private partnerships so that more and more people can have access to services that can improve their lives,” she said.
Rodrigues also pointed out the potential of the HomeStart Advantage Savings Account to help customers develop the discipline necessary to save for their home.
“Many times, people don’t have that down payment when it’s required, and this facility will give them the opportunity, from the moment they apply for a house lot, to start saving. It’s a deposit-only facility, so it helps you to be disciplined in saving for your house lot. Some people have a lot of problems with that discipline, so this is an opportunity for them to get assistance in saving and also planning. When they see that money in the bank growing, it will motivate them to save even more because when they get that house lot, it will help them to pay for it.”
Deeper significance
Meanwhile, GBTI’s Chief Commercial Officer, Rawattie Mohandeo, spoke about the deeper significance of homeownership, describing it as more than just a financial goal. “Homeownership represents stability, security, and the foundation for building a future filled with memories. This is why we’ve introduced the HomeStart Advantage Savings Account,” she said.
Mohandeo highlighted the numerous benefits of setting up the account from the moment a customer applies for a house lot.
“We have designed this account with a deposit-only feature to encourage consistent saving, ensuring that our customers are well-prepared when the time comes to make their dream home a reality. The HomeStart Advantage Savings Account is more than just a savings account; it is a strategic financial tool tailored to meet the unique needs of prospective homeowners.”
She added that the account is designed to help customers grow their savings efficiently, offering features such as no monthly fees, automatic savings plans, and cash back rewards when customers reach their savings goals.
Key benefits of the HomeStart Advantage Savings Account include a 100 per cent discount on the mortgage application fee, a 25 per cent discount on the negotiation fee, and 5 per cent cash back on the HomeStart Advantage account funds, with the maximum cash back being $100,000, credited after the first disbursal stage is completed. The account also offers personalised financial guidance from GBTI’s team of homeownership experts, ensuring customers have the support they need to navigate the complex home-buying process with confidence. (G2)