Merchant Finance Limited has introduced an innovative zero-deposit home loan package aimed at first-time home buyers, generating significant interest across the community. Dr. Ram Raju, the president of the Nadi Chamber of Commerce and Industry (NCCI), expressed his appreciation for this initiative, stating, “This new offer of a zero-deposit home loan package with an attractive interest rate based on the reducing balance could not have come at a better time.” He believes this development will significantly impact the real estate sector.
Dr. Raju commended Veilawa Rereiwasaliwa, CEO of Merchant Finance Ltd, for devising solutions that cater to the needs of those aspiring to home ownership rather than continuing to rent. Mr. Rereiwasaliwa highlighted the struggles many face in saving for a significant deposit, particularly given the rising costs of property.
He noted that by the time many would-be homeowners saved enough for the deposit, property prices often exceeded their initial budget. Consequently, Dr. Raju views this new loan package as a turning point in the market, encouraging potential homeowners to seize the opportunity.
The zero-deposit home loan offers a fixed interest rate of 3.99% for borrowers earning below a combined income of $50,000, and 5.99% for those earning above that threshold, while the variable rate stands at 8.99%. This attractive pricing structure is expected to positively impact both the market and the lives of first-time buyers.
Realtor Paula Benn expressed her excitement about collaborating with Merchant Finance to assist first-time buyers. She remarked, “By removing the barrier of a hefty deposit, Merchant Finance is providing a much-needed opportunity for young professionals to invest in their future and build equity.” Benn added that this initiative will not only aid individuals but also foster growth and development within the community, particularly as Fiji experiences shifts in migration patterns.
This new home loan package stands to make a meaningful difference by providing easier access to home ownership, allowing more individuals to invest in their future and contribute positively to the local economy.
In conclusion, this initiative positions itself as a beacon of hope for aspiring homeowners, demonstrating that innovative financial solutions can pave the way for more accessible home ownership and boost community development.
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