Oranjestad, St. Eustatius- Councilman Koos Sneek of the List Sneek is of the opinion that a National Mortgage Guarantee should also be available for St. Eustatius.

The issue regarding the ability of residents on St. Eustatius to buy their own home is addressed in Sneek’s Action List.

“Home ownership is an important tool towards (generational) wealth
creation. This will in its turn contribute towards poverty alleviation and therefore needs to be stimulated” according to Sneek.

Sneek also points out that in the European part of The Netherlands there are various stimulus measures to purchase your own home. “In the Caribbean Netherlands there is none. Banks do not offer 100% financing but often only 90% of the auction value”, writes Sneek.

Bonaire

Sneek also refers in his Action List that a study is starting with a Mortgage Guarantee, but that it will take a total of 5 years to study the effect. This means that St. Eustatius will have to wait even longer, before residents could apply for a similar guarantee.

“In the European part of The Netherlands one is entitled to a national mortgage guarantee up to Euro 310,000. This allows the banks to give 100% financing. A pilot of a mortgage guarantee scheme for the duration of five years will commence within short in Bonaire. This means that
Statia’s prospective buyers will not be able to qualify for this for another 5 years”, according to Sneek.

Costs

Sneek also points to the fact that the costs for home ownership are consistently higher in St. Eustatius than is the case in The Netherlands. The councilman refers to the lack of competitive interest rates, the relatively high rate of transfer tax and the lack of Notary service ‘on island’.

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