Merchant Finance Limited has recently unveiled an innovative zero-deposit home loan package that is garnering significant interest from potential home buyers. This initiative has received praise from Dr. Ram Raju, the president of the Nadi Chamber of Commerce and Industry, who commended the finance company for introducing this much-anticipated product.
Dr. Raju noted that the timing of this zero-deposit home loan package is particularly advantageous, highlighting its potential to transform the real estate market. He described it as a game-changer that will support aspiring homeowners in achieving their dreams of owning a home rather than remaining renters. He also lauded Merchant Finance’s CEO, Veilawa Rereiwasaliwa, for his innovative thinking in developing solutions tailored to the needs of the community.
Rereiwasaliwa emphasized the challenge many individuals face in gathering the necessary deposit for a home loan, pointing out that by the time they manage to save the required sum, property prices often escalate significantly. This package offers a crucial turning point, particularly for first-time homebuyers, and Dr. Raju has encouraged them to seize this opportunity.
The competitive nature of this offering is underscored by a fixed interest rate of 3.99% based on a reducing balance for individuals earning below a combined income of $50,000. For those above this income threshold, a fixed rate of 5.99% applies, contrasting with the variable rate of 8.99%.
Paula Benn, a real estate agent, expressed her enthusiasm for collaborating with Merchant Finance on this initiative, which she believes is pivotal in making homeownership accessible, especially for young professionals. She highlighted that the removal of the steep deposit requirement allows young individuals to invest in their future and build equity effectively.
This progressive move is expected to not only enhance the lives of aspiring homeowners but also stimulate growth in the local economy, countering limited migration trends into Fiji. Overall, the zero-deposit home loan package is poised to make a positive impact on individuals and the community as a whole.
As the real estate landscape evolves, initiatives like this could pave the way for a brighter future for many individuals, enabling them to turn their homeownership dreams into reality.
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