Merchant Finance Limited’s CEO, Veilawa Rereiwasaliwa, emphasized the ideal conditions for buying a first home, stating there’s never a wrong time to make such a significant purchase. He highlighted the emotional ties individuals hold to their homes compared to other types of property, underlining the importance of homeownership in people’s lives.
Rereiwasaliwa noted that those applying for home loans tend to have stable employment, indicating they are aware of the risks associated with owning a home and are equipped with strategies to manage potential financial challenges. As a testament to this growing trend, Merchant Finance Limited has successfully approved a dozen applications under its innovative zero deposit home loan product.
Interestingly, Rereiwasaliwa revealed a shift in their target demographic from primarily single individuals to couples aged 30-40. These couples, often with a history of renting, are increasingly eager to transition into homeownership, demonstrating a clear demand for housing solutions in the market.
With only 12,574 mortgages documented by the Reserve Bank of Fiji as of September last year, out of approximately 200,000 households in the country, there exists a considerable gap in homeownership that needs addressing. The zero deposit home loan initiative aims to bridge this gap, particularly appealing to first-time buyers, newcomers to the workforce, and families who wish to secure a home without the burden of an upfront deposit typically required by commercial banks.
This initiative represents a hopeful opportunity for many individuals and families aspiring to own their home, fostering a sense of stability and community within Fiji’s growing housing market.
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