Merchant Finance Limited has launched an innovative zero-deposit home loan package designed specifically for first-time home buyers, generating significant interest among the public. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised the finance company for this timely initiative, highlighting its potential to transform the real estate market.
Dr. Raju expressed enthusiasm for the offer, noting that the zero-deposit home loan comes at an ideal moment, especially with an appealing interest rate based on a reducing balance. He commended CEO Veilawa Rereiwasaliwa for this forward-thinking approach, which addresses the needs of individuals aspiring to purchase homes rather than renting.
Many prospective homeowners often struggle to amass the substantial deposits required by traditional banks, leading to missed opportunities as property prices rise. Dr. Raju believes that this new package could be a pivotal moment for the market, urging potential buyers to take advantage of this opportunity.
The loan package features a competitive fixed interest rate of 3.99% for borrowers with a combined income under $50,000, and a rate of 5.99% for those earning above that threshold. For those opting for a variable rate, the offer stands at 8.99%. These rates are seen as attractive and are expected to positively impact both the market and the lives of first-time homeowners.
Real estate agent Paula Benn expressed her excitement about collaborating with Merchant Finance on this initiative. She emphasized that this program significantly enhances accessibility to home ownership, particularly for young professionals. By eliminating the burden of a large deposit, Merchant Finance is opening doors for many to invest in their futures and gain equity.
Furthermore, Benn noted that this initiative would not only benefit individual buyers but also foster community development and support local economic growth amidst challenges like migration patterns affecting Fiji.
This new zero-deposit home loan package represents a beacon of hope for many aspiring homeowners, offering them a practical pathway to achieving their dreams and contributing to the overall economic vitality of the community.
In summary, the initiative by Merchant Finance is poised to transform the real estate landscape, providing first-time buyers with accessible opportunities while bolstering community growth.
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