Merchant Finance Limited has launched a new zero-deposit home loan package that is generating significant interest among first-time home buyers. Dr. Ram Raju, the president of the Nadi Chamber of Commerce and Industry (NCCI), praised the finance company for this timely initiative.
Dr. Raju expressed that the zero-deposit home loan package, featuring a competitive interest rate based on a reducing balance, is poised to make a considerable impact in the real estate market. He emphasized that this innovative approach could serve as a pivotal shift in the industry, encouraging more individuals to aspire to home ownership rather than renting.
Veilawa Rereiwasaliwa, CEO of Merchant Finance, explained that many potential buyers often take years to save up the required minimum deposit for a home loan from commercial banks, only to find that property prices have soared by the time they are ready to purchase. This new loan package aims to alleviate that burden.
The package offers a fixed interest rate of 3.99 percent for customers with a combined income below $50,000, and a rate of 5.99 percent for those earning above that threshold. A variable rate of 8.99 percent is also available. Dr. Raju believes these attractive rates will positively impact the market and greatly benefit first-time homeowners.
Realtor Paula Benn expressed her enthusiasm for collaborating with Merchant Finance on this initiative, highlighting it as a significant stride towards making home ownership more attainable for young professionals. By eliminating the need for a large deposit, she believes this program will empower many individuals to invest in their future and contribute to the local economy.
This new loan package showcases how innovative financial solutions can open doors for prospective homeowners, particularly in a market that has historically been challenging for first-time buyers. By fostering home ownership, the initiative not only aids individuals but also supports community growth, contributing to a healthier local economy.
Overall, these developments indicate a promising shift in the housing market, bringing renewed hope to many aspiring homeowners while demonstrating the power of creativity in financial services.
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