Merchant Finance Limited has launched a new zero-deposit home loan package, generating significant interest among first-time home buyers. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised this initiative, calling it timely and likely to transform the real estate market.
“This innovative zero-deposit home loan package, paired with an appealing reducing balance interest rate, is a breakthrough for aspiring homeowners,” Dr. Raju stated. He commended the company’s CEO, Veilawa Rereiwasaliwa, for his creative solutions in addressing the housing needs of the community.
Rereiwasaliwa highlighted the challenges many individuals face when trying to save for the minimum deposit required by commercial banks, which often leads to higher property prices by the time they can secure a loan. Dr. Raju views this new offering as a pivotal moment for the market and encourages potential homeowners to seize this opportunity.
The loan package includes a fixed interest rate of 3.99% for customers with a combined income below $50,000, rising to 5.99% for those above this threshold, and features a variable rate of 8.99%. These attractive terms are expected to have a positive impact both on first-time homeowners and the broader real estate market.
Paula Benn, a real estate agent, expressed her enthusiasm for collaborating with Merchant Finance on this initiative. She noted that by eliminating the requirement for a large deposit, the program opens doors for many young professionals to invest in homeownership and build equity. Benn recognized that, with current migration trends affecting the local population, this initiative will help foster economic growth within the community.
This new loan package not only stands to benefit individuals but also promises to stimulate local economic development, making homeownership more accessible for many.
In a time when many are struggling with housing affordability, the introduction of this zero-deposit home loan option brings a hopeful change that could encourage more individuals to become homeowners and lead to a thriving property market.
Overall, the initiative by Merchant Finance Limited is a positive step towards enhancing homeownership accessibility and fostering community growth in the region.
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