Merchant Finance Limited has launched a new zero-deposit home loan package aimed at first-time home buyers, garnering significant interest from the public. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised the finance company’s efforts, stating that this initiative comes at an ideal time and could transform the real estate market.
Dr. Raju highlighted the innovative thinking of Merchant Finance CEO Veilawa Rereiwasaliwa, commending the approach that aligns with the needs of those looking to move from renting to owning a home. Rereiwasaliwa pointed out the frustration many face as they save for a minimum deposit, only to find home prices have increased by the time they can secure a loan.
According to Dr. Raju, this new package could serve as a pivotal moment for aspiring homeowners, enabling them to seize this opportunity without the traditional deposit requirement. The loan offers a fixed interest rate of 3.99% for individuals with a combined income below $50,000 and a higher rate of 5.99% for those earning more, along with a variable rate of 8.99%.
Realtor Paula Benn expressed her support for Merchant Finance’s initiative, noting that it greatly enhances accessibility to homeownership for young professionals. She emphasized that this move would not only aid individuals but also contribute positively to community growth and the local economy, especially amid ongoing migration trends.
This development reflects a broadening of homeownership opportunities, making it a hopeful prospect for many who have been striving for stability and investment in their future through property ownership.
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