A new land loan product has been launched in Fiji aimed at providing families without registered leases or freehold land the opportunity to own legally recognized property. Merchant Finance has introduced this initiative to assist over 84,000 families living on unregistered land, targeting informal settlers who have thus far faced challenges in securing formalized ownership.
Veilawa Rereiwasaliwa, Chief Executive of Merchant Finance, stated that the product allows families to obtain land with up to 90% financing and offers a loan term of up to 10 years. The new offering specifically facilitates residential land purchases for plots up to one acre, which Rereiwasaliwa mentioned might expand in the future depending on demand.
This initiative aligns with preceding efforts by Merchant Finance, such as the Zero Deposit Home Loan product, which helps renters transition into homeownership. Ratu Viliame Seruvakula, Chair of the Great Council of Chiefs, reaffirmed the significance of such financial products for empowering indigenous Fijians, noting that 75% of those living in poverty are in these communities. He emphasized that access to these financial tools is crucial for enhancing the lives of many Fijians.
The introduction of these products represents a significant step toward addressing the housing challenges faced by many families in Fiji and reflects a commitment to fostering financial stability and community empowerment.
Overall, this loan offering carries the potential for positive change, presenting a pathway for families to gain security and ownership of their land, contributing to sustainable growth in the region. This move could uplift communities and instill hope for a better future among those who once felt excluded from the formal property market.
Leave a comment