Merchant Finance Limited has launched an exciting new zero-deposit home loan package aimed at first-time home buyers, generating substantial interest among the public. Dr. Ram Raju, the president of the Nadi Chamber of Commerce and Industry (NCCI), praised the finance company for this timely initiative. He noted that the zero-deposit package, featuring an appealing interest rate based on the reducing balance, could significantly impact the real estate market.
Dr. Raju commended CEO Veilawa Rereiwasaliwa for creatively addressing the challenges faced by potential homeowners who often struggle to save for a deposit, particularly in a market where property prices are continually rising. He expressed hope that this new approach would serve as a “turning-point,” encouraging aspiring homeowners to embrace the opportunity.
The loan package offers a fixed interest rate of 3.99% for individuals with a combined income below $50,000, and 5.99% for those earning above that threshold, with a variable rate of 8.99%. This attractive offer is expected to create a positive ripple effect in the housing market, improving the lives of first-time homeowners.
Realtor Paula Benn of Thirty One Degrees Real Estate voiced her enthusiastic support for this initiative, highlighting its potential to make home ownership more attainable for young professionals. By eliminating the requirement for a substantial deposit, Merchant Finance is opening doors to new opportunities for individuals looking to invest in their futures and build equity.
This innovative approach not only benefits individual buyers but also promises to bolster the local economy, especially amidst current trends of migration away from Fiji. The community’s growth and the expansion of the housing market could lead to a brighter future for many.
In summary, the zero-deposit home loan package by Merchant Finance Limited is set to transform the real estate landscape, making home ownership more accessible for first-time buyers and contributing positively to the local economy. This initiative reflects a forward-thinking strategy that aligns with the aspirations of the community.
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