Written: 12 March 2020

Nambawan Super has helped more than 14,000 members with Housing Advances totalling more than K200 million since 2012.

Chairman of Nambawan Super Board of Trustees, Mr Anthony Smaré revealed this during the 2019 financial performance and interest rate announcement, when reflecting on highlights of his time on the Board.

Mr Smaré said that it is pleasing that Nambawan Super has been able to assist many working Papua New Guineans address their housing needs.

“The main aim of superannuation is to provide for a financially secure retirement, and because of this, there are restrictions on withdrawing money from your super savings.

“But the superannuation laws recognise the need for appropriate housing which is why members can have access employee contributions before retirement for housing.”

He said the housing advance could be used to build, buy or renovate a house and members can become eligible to apply for a housing advance after five years of continuous contribution but noted there are strict rules governing access that members need to address.

“I would also like to encourage members to consider doing voluntary contribution which can help increase members’ housing eligibility.”

He said members who are interested in Housing Advance can visit any NSL branch or contact centre for more information or they can visit the NSL website. 

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