Merchant Finance Limited has recently launched a groundbreaking zero-deposit home loan package aimed at helping first-time home buyers, generating considerable interest among the public. Dr. Ram Raju, the president of the Nadi Chamber of Commerce and Industry (NCCI), praised this initiative, describing it as timely and potentially transformative for the real estate market.
Dr. Raju highlighted the significance of the zero-deposit offer, especially as many individuals often take years to save for the required deposit on a home loan, only to find property prices have increased by the time they are ready to buy. He commended Merchant Finance CEO Veilawa Rereiwasaliwa for innovating solutions that truly reflect the needs of aspiring homeowners.
The package offers a fixed interest rate of 3.99 percent on a reducing balance for applicants with a combined income of less than $50,000, while those earning above that threshold can access a rate of 5.99 percent. For others, a variable rate stands at 8.99 percent. This competitive pricing is seen as an attractive opportunity that could substantially benefit first-time buyers.
Real estate agent Paula Benn expressed her enthusiasm for collaborating with Merchant Finance on this initiative, noting that it significantly improves accessibility to home ownership for young professionals. She believes that by eliminating the burden of a large deposit, this program enables young buyers to make meaningful investments in their futures, thereby fostering community development.
This innovative approach opens doors for many who might have otherwise felt excluded from the housing market, paving the way for positive growth in both individual lives and the local economy.
In summary, Merchant Finance’s new zero-deposit home loan package represents a significant advancement in making home ownership more achievable for a broader segment of the population, ultimately benefiting the community at large. This initiative not only fosters individual prosperity but also contributes to the economic uplift of the region.
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