Merchant Finance Limited’s initiative offering zero-deposit home loans is gaining momentum, with around 40 customers having received approvals for home loans. According to CEO Veilawa Rereiwasaliwa, many of these new homeowners, predominantly young Fijians, have already settled into their first residences, marking a successful impact since the program’s launch seven months ago. Rereiwasaliwa shared a particularly inspiring story of a 27-year-old who recently purchased his first home in Lautoka, emphasizing the positive journey taken by many through this initiative.
The majority of the applicants and successful borrowers are from the iTaukei community, with a significant proportion having a combined household income exceeding $50,000 annually. Rereiwasaliwa noted that, while these young couples may struggle to accumulate sufficient savings in their Fiji National Provident Fund (FNPF), the zero-deposit scheme has enabled them to secure their homes earlier in life.
Minister for Housing and Local Government, Maciu Nalumisa, expressed that several financial institutions are exploring the creation of specialized financing packages to support homebuyers, landlords, and developers. He emphasized that the government’s current focus is on assisting middle-income and lower-income earners, committing to collaborate with the private sector to enhance financing options available for housing developments.
This zero-deposit home loan program serves as a beacon of hope in the real estate landscape of Fiji, addressing the urgent need for accessible and affordable housing solutions. The initiative not only facilitates home ownership for many aspiring buyers but also reflects the increasing demand for financial solutions that cater to the diverse needs of the Fijian population.
As this scheme continues to evolve, it is positioned to foster stability and growth within Fiji’s housing market, allowing more families the opportunity to achieve their dreams of homeownership. With the combined efforts of public and private sectors, a promising future for increased accessibility in the housing market is on the horizon.
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