MERCHANT Finance has introduced an innovative zero-deposit home loan specifically designed to assist first-time home buyers. The company’s CEO, Veilawa Rereiwasaliwa, highlighted that this loan is targeted at individuals who are newly employed, young families, and those currently renting who aspire to own a home but lack the necessary funds for a traditional deposit, which typically ranges from 10 to 20 percent of the property’s purchase price.
Rereiwasaliwa pointed out that the ability to save for a deposit presents a significant obstacle for many prospective buyers. He noted that by the time individuals accumulate enough savings, housing prices often increase, further complicating their ability to purchase a home.
Details of the loan indicate a competitive fixed interest rate of 3.99 percent for a five-year term, aimed at those with a combined annual income of $50,000. This package could enable eligible individuals to secure financing of up to $300,000, making homeownership more attainable for many residents in Fiji. For those earning over $50,000, the fixed rate stands at 5.99 percent, with a variable rate option available at 8.99 percent.
Rereiwasaliwa reaffirmed the company’s commitment to enhancing its loan offerings as they work on reducing costs. The aim is to establish Merchant Finance as the preferred option for first-time buyers. He encouraged potential homeowners to explore their property options, emphasizing that there is now a feasible solution for those who previously thought homeownership was out of reach.
This new approach by Merchant Finance signifies a promising development for first-time home buyers in Fiji, helping them to overcome financial barriers and pursue their dreams of homeownership.
Summary: Merchant Finance has launched a zero-deposit home loan aimed at first home buyers, particularly assisting those with low incomes who struggle to save for a deposit. With competitive interest rates and a focus on making homeownership attainable, this initiative could pave the way for many in Fiji to secure their first property.
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