Merchant Finance Limited is generating significant interest with its new zero-deposit home loan package aimed at first-time home buyers. The initiative has received praise from Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), who acknowledges its timely arrival and innovative approach.
Dr. Raju expressed enthusiasm about the potential of this package to transform the real estate market, emphasizing that it offers an attractive interest rate based on a reducing balance, which could significantly benefit aspiring homeowners. He commended the company’s chief executive officer, Veilawa Rereiwasaliwa, for developing a solution that aligns with the challenges faced by those looking to purchase a home rather than renting.
According to Mr. Rereiwasaliwa, many individuals struggle for years to save the minimum deposit required by traditional banks, often finding that by the time they gather the necessary funds, property prices have escalated. Dr. Raju believes that this new lending strategy will serve as a pivotal moment in the market, encouraging prospective buyers to seize the opportunity.
The zero-deposit loan features a fixed interest rate of 3.99% for individuals with a combined income below $50,000, and 5.99% for those earning above that threshold, while the variable rate stands at 8.99%. This offers a compelling option for first-time home purchasers, poised to have a positive impact on their finances and the broader housing sector.
Real estate agent Paula Benn expressed her excitement about partnering with Merchant Finance on this initiative, highlighting that it represents a meaningful advancement in making home ownership more attainable, especially for young professionals. By eliminating the need for a substantial deposit, the program is seen as a crucial chance for individuals to secure their future and establish equity.
The initiative is not only expected to benefit individual homeowners but also to stimulate economic growth within the community, particularly in light of demographic changes and migration patterns affecting Fiji.
With this bold move by Merchant Finance, the landscape of home financing for first-time buyers is evolving, offering hope and opportunity for many looking to invest in their futures. This initiative signifies a positive shift towards improved access to home ownership and community development.
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