MERCHANT Finance has introduced a new zero-deposit home loan initiative tailored for first-time home buyers. The company’s Chief Executive Officer, Veilawa Rereiwasaliwa, highlighted that this innovative loan product is designed for individuals who have recently entered the workforce, young families, or current renters who aspire to own a home but struggle to accumulate the necessary deposit often required by traditional banks.
Rereiwasaliwa pointed out that the primary obstacle for potential buyers today is the deposit requirement, which typically ranges from 10 to 20 percent of the property’s price. For many working individuals, saving such a significant amount can be a long-term challenge, leading to missed opportunities in the fast-paced real estate market.
The new home loan product is structured for applicants with a combined annual income between $30,000 to $50,000, allowing them to secure up to $300,000 in financing. The proposed interest rates for this offering are attractively set at 3.99 percent fixed for the first five years, with higher rates applicable for those earning above $50,000. Specifically, a fixed rate of 5.99 percent and a variable rate of 8.99 percent will be available for higher-income earners.
Rereiwasaliwa also emphasized the company’s commitment to enhancing the affordability of loans and expressed a desire for Merchant Finance to become the go-to option for prospective homeowners. He encouraged potential buyers who previously believed homeownership was out of reach to explore available properties with newfound confidence.
This initiative represents a significant opportunity for many individuals and families in Fiji, allowing them to finally overcome the financial barriers that have long hindered their homeownership dreams. By removing the deposit requirement, Merchant Finance is opening doors and fostering a hopeful pathway to stability and belonging for its community members.
In summary, Merchant Finance’s zero-deposit home loan product is poised to make homeownership more accessible for first-time buyers in Fiji, reflecting an understanding of the challenges faced by many in the current housing market. This move not only underscores the company’s dedication to supporting young families and new workers but also encourages economic growth and stability in the region.
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