Q1. Why should I choose to use Century 21 Siule Real Estate?
A1. Century 21 Siule Real Estate has been in operation in Port Moresby since 1973. We combine the very best of our local knowledge and many years of experience, with the international resources and standards of the world’s largest real estate franchise. We have largest team of Sales Associates and Property Managers of any real estate agent in PNG. Therefore, you can be sure that you will experience fast response times and personal attention. Our in-depth knowledge of the property market in Port Moresby allows us to provide competent advice to buyers & vendors of property, and renters & landlords, as well.
Q2. To buy a home, what do I need to have before I approach a bank for a loan?
A2. All banks and financial institutions have their own requirements. However, there are some basic requests that any bank will ask. First and foremost, it will be much easier for you, if you have a full-time job with a recognised employer. Next you should put together the following documents before you meet a lending officer: 3 latest pay slips, 3 months’ bank statements (if you bank with another bank), information on any outstanding debts with other banks or financial institutions, confirmation letter from your employer or copy of your employment contract and your statement from Nasfund or Nambawan Super confirming how much housing advance you are currently entitled to withdraw.
Q3. To rent a residential property, how much will I need to pay before I can move in?
A3. As a general rule of thumb, anybody that intends to rent a unit or house needs to pay a minimum of 2-months’ rent up front, before keys will be handed over. This amount consists of the first month’s rent in advance, and security bond equivalent to 1-month rent. The security bond is refundable and will be reimbursed to you after you vacate the premises. Aside from this there may be extra charges that need to be paid as well, depending on the property owner’s requirements. These charges will vary from landlord to landlord. Common extras include: key bond (also refundable), lease preparation fee, stamp duty and GST (if the landlord is GST registered).
Q4. I want to sell my house; how can I make my property more attractive to buyers?
A4. Two things that make a house more desirable to a buyer, apart from its location, are the asking price and the presentation of the property. Find out how much other houses in your area have sold for in the past 12 – 18 months. Also find out how much properties similar to yours are asking for. After that set a reasonable ceiling price. Ask your friendly Century 21 staff for assistance. As far as presentation goes, a good clean-up of the house & yard will go a long way as the prospective buyer will be able to better visualise themselves as the new owner of your property without all your clutter. Even the arrangement of furniture, use of natural light and a tidy kitchen & bathroom will go a long way. Finally, when having photos taken for advertising purposes, ensure that all rooms are presentable. Remember, a picture speaks a thousand words; in any language.
Q5. What is Stamp Duty, and when do I need to pay for this?
A5. Stamp Duty in PNG is payable upon the sale of property. People who purchase real property (houses, land, land & improvements or commercial premises) located in PNG, must pay duty on that purchase. Duty is payable by the purchaser of the property. There are concessions and exemptions available to PNG citizens, especially Home Buyers. People who intend to rent a property can also be charged Stamp Duty. Duty is charged on leases or agreements for lease of real property. Duty is payable by the parties to the lease. The amount of duty payable will depend on the type of property and its value. This information is offered as a guide only. You should contact the Internal Revenue Commission to get expert advice about Stamp Duty and to confirm the rates applied, calculations used and concessions/exemptions allowed for.