Merchant Finance Limited has recently launched a compelling zero-deposit home loan package aimed at first-time home buyers, which has generated significant interest among the public. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised this initiative, highlighting its timely arrival and potential to reshape the real estate landscape.
Dr. Raju noted that the attractive interest rates, set at 3.99% for lower-income buyers and 5.99% for those earning above $50,000, are particularly beneficial in a market where property prices often rise faster than individuals can save for a deposit. The variable rate stands at 8.99%, which, while higher, remains competitive.
CEO Veilawa Rereiwasaliwa explained that traditional home buying often burdens potential homeowners while they save, only to find property prices increased by the time they are financially ready to buy. He believes this new loan package will be a transformative opportunity for those looking to enter the housing market.
Real estate professional Paula Benn expressed enthusiasm for collaborating with Merchant Finance on this initiative, stating that it significantly lowers the barriers to homeownership for young professionals, allowing them to invest in their future and contribute to community development.
Overall, this new loan package promises not only to facilitate home purchases for first-time buyers but also to bolster the local economy by encouraging homeownership and investment in real estate. This initiative represents a hopeful shift towards making housing more attainable, especially amid economic challenges.
In summary, Merchant Finance’s zero-deposit loan program could be a game-changer for aspiring homeowners, fostering economic growth and providing hope for many to secure their first home without the burden of a significant upfront deposit.
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