Kralendijk – More people are able to buy their own home on Bonaire thanks to the introduction of the Hypotheek Garantie Bonaire (HGB) as of February 12, 2021. The pilot starts for a period of five years and is intended for up to 350 homes. The mortgage guarantee provides a safety net if buyers get into financial difficulties due to personal circumstances.
Better access to a home of your own
Finding a nice and affordable home is quite a challenge in the Caribbean Netherlands. Therefore the government is committed to improve the affordability and availability of rental and owner-occupied housing. One of the measures taken is the start of a pilot with the Bonaire Mortgage Guarantee (Hypotheek Garantie Bonaire, HGB). The HGB is a tailor-made mortgage guarantee in which the Nationale Hypotheek Garantie (NHG) from the European Netherlands has served as basis. The government has requested the Home Ownership Guarantee Foundation (Waarborgfonds Eigen Woningen) to develop and implement the mortgage guarantee.
The HGB makes it possible to take out a mortgage with less financial risk and for the full value of the house. The HGB applies to the purchase of an existing home or a new home to be built on Bonaire. This way, a larger group of homebuyers can finance their own home. If people move on to their own home, more (social) rental homes may become available. The mortgage guarantee improves access to a house for sale and can contribute to more residents of Bonaire being able to live affordably.
Introduction of the guarantee
The mortgage guarantee can be taken out for homes with a maximum purchase price of $225,000. The duration of the guarantee is maximum 30 years. A mortgage with guarantee can only be taken out at a bank that is under full supervision of de Nederlandsche Bank (DNB). The only bank for the Dutch Caribbean that currently meets this criterion is the Maduro & Curiel’s Bank (MCB). For this reason, the pilot will only start on Bonaire.
The effect of the mortgage guarantee on the housing market in Bonaire will be closely monitored. When the pilot ends after five years, it will be decided whether the guarantee will be introduced further in the Caribbean Netherlands and under what conditions.
Link to website: https://www.hypotheekgarantiebonaire.nl/
Link to: parliamentary letter: Hypotheekgarantie van start op Bonaire | Nieuwsbericht | Woningmarktbeleid
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