A new zero deposit home loan package recently introduced by a licensed credit institution is set to transform Fiji’s housing market, particularly benefiting first-time homeowners. This initiative, praised by Nadi Chamber of Commerce president Dr. Ram Raju, is aimed at those looking to buy their first home without the burden of a deposit.
Dr. Raju remarked that the timing of the zero-deposit loan, coupled with an appealing interest rate based on the reducing balance, could significantly disrupt the current market dynamics. He emphasized that this initiative represents a critical opportunity for many, especially in a market where renting has been the norm for numerous families.
Merchant Finance CEO Veilawa Rereiwasaliwa highlighted that this loan package caters specifically to new workers, young families, and individuals currently renting who may struggle to save for a deposit. The terms include a fixed interest rate of 3.99% for five years for those with a combined annual income of $50,000, while others with a higher income can access a fixed rate of 5.99% or a variable rate of 8.99%.
Dr. Raju believes this innovative financial product marks a pivotal moment not just for the market but also for prospective homeowners looking to turn their housing dreams into reality.
This initiative reflects a growing commitment to making homeownership more accessible and could spark a positive shift in the housing landscape of Fiji. It embodies hope for many families seeking stability and a sense of belonging in their communities.
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