A new land loan product has been introduced in Fiji by Merchant Finance, aimed at providing families without registered leases or freehold land a chance to own legally recognized property. This initiative targets over 84,000 families currently living on unregistered land, primarily focusing on informal settlers who have struggled to secure formal property ownership.
According to Veilawa Rereiwasaliwa, Chief Executive of Merchant Finance, this innovative product allows families to access land with financing of up to 90% and offers loan terms of up to 10 years. The program specifically supports residential land purchases for plots up to one acre, with the possibility of future expansion depending on demand.
This new offering complements Merchant Finance’s prior initiatives, including the Zero Deposit Home Loan product, which assists renters in transitioning to homeownership. Ratu Viliame Seruvakula, Chair of the Great Council of Chiefs, underscored the importance of such financial services for empowering indigenous Fijians, highlighting that a significant portion of those living in poverty belong to these communities. He noted that access to financial tools is essential for improving the lives of many Fijians.
The launch of these loan products marks a pivotal step in tackling the housing challenges faced by countless families in Fiji. It demonstrates a commitment to promoting financial stability and community empowerment.
This new initiative presents a hopeful pathway for families to secure ownership of their land, paving the way for sustainable growth in the region. By including those previously marginalized from the formal property market, his move has the potential to uplift communities and inspire optimism for a better future.
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