Merchant Finance Limited has introduced a new zero-deposit home loan package that is generating significant interest among first-time home buyers. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry, praised this initiative, stating that its timing is perfect for those looking to purchase a home.
Dr. Raju emphasized that the zero-deposit loan, which features a competitive interest rate that operates on a reducing balance, has the potential to revolutionize the real estate market. He applauded CEO Veilawa Rereiwasaliwa for innovatively addressing the challenges faced by aspiring homeowners, particularly those who have struggled to save for the substantial deposits typically demanded by commercial banks.
Mr. Rereiwasaliwa pointed out that many individuals often take years to gather the necessary deposit for their first home. By the time they manage to do so, housing prices may have already increased. In light of this, Dr. Raju believes that this new, accessible approach could mark a pivotal moment for the real estate sector, encouraging potential homeowners to seize this opportunity.
The loan package offers an attractive fixed interest rate of 3.99% for those with a combined income of under $50,000, while those earning above this threshold can secure a rate of 5.99%. A variable rate of 8.99% is also available. These favorable terms are expected to positively impact the market and enhance the lives of first-time buyers.
Real estate agent Paula Benn has expressed eagerness to collaborate with Merchant Finance on this initiative, highlighting its importance for young professionals seeking home ownership. The removal of the barrier of a hefty deposit, according to Ms. Benn, will empower many to invest in their futures and help foster community growth. She noted the current trend of migration out of Fiji and how this program could bolster the local economy by making housing more accessible.
This new loan package not only opens doors for individuals but also stands as a catalyst for positive change within the broader community.
Overall, Merchant Finance’s innovative approach is promising, potentially allowing many to achieve their dream of home ownership without the traditional financial barriers.
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