Merchant Finance Limited has launched a new zero-deposit home loan package designed specifically for first-time home buyers. This initiative is generating significant interest among potential homeowners, as it offers a more accessible route to property ownership.
Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised Merchant Finance for this innovative home loan option. He believes that the timing of this offer is crucial and could greatly impact the real estate market. Dr. Raju highlighted that the zero-deposit requirement and attractive interest rates based on a reducing balance model will benefit many aspiring homeowners who often struggle to gather the necessary deposits required by traditional banks.
Veilawa Rereiwasaliwa, CEO of Merchant Finance, explained that potential home buyers frequently spend years trying to save the minimum deposit, only to find that property prices have escalated by the time they are ready to buy. He expressed hope that this new loan package would serve as a turning point for many people looking to transition from renting to owning their own homes.
The loan terms include a fixed interest rate of 3.99% for individuals earning below a combined income of $50,000, while those earning above that mark will see a rate of 5.99%. For a variable rate, the offer is set at 8.99%. Dr. Raju believes this will significantly uplift the market and greatly enhance the lives of first-time homeowners.
Realtor Paula Benn of Thirty One Degrees Real Estate echoed Dr. Raju’s sentiments and expressed enthusiasm about collaborating with Merchant Finance to promote this initiative. She emphasized the importance of removing the barriers associated with large deposits, making homeownership feasible, especially for young professionals. Benn noted that this initiative could not only uplift individual buyers but also foster community growth, contributing positively to the local economy amid current migration challenges.
This innovative zero-deposit home loan package is indeed a promising step towards making homeownership achievable for many, which could revitalize the local real estate market and foster economic growth in the community. With supportive community leaders and financial institutions working together, there’s hope for a brighter and more accessible future for prospective homeowners.
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