Merchant Finance Limited has unveiled a groundbreaking zero-deposit home loan package tailored for first-time home buyers, sparking considerable interest among the public. The president of the Nadi Chamber of Commerce and Industry (NCCI), Dr. Ram Raju, praised this initiative, stating that the timing could not have been more advantageous.
Dr. Raju highlighted the significance of this zero-deposit home loan, which offers an attractive interest rate based on a reducing balance. He expressed confidence that it would significantly disrupt the housing market and serve as a game changer in the real estate sector. In his remarks, he commended Merchant Finance CEO Veilawa Rereiwasaliwa for innovatively addressing the needs of those aspiring to purchase homes rather than rent.
Mr. Rereiwasaliwa pointed out that many potential buyers struggle for years to save the minimum deposit required by traditional banks. By the time they amass the necessary funds, property prices have often increased. Dr. Raju termed this new approach a “turning point” and encouraged aspiring homeowners to seize this opportunity.
The zero-deposit loan features a fixed interest rate of 3.99% for those with a combined income below $50,000, rising to 5.99% for those earning above that threshold, while the variable rate is set at 8.99%. This attractive offer is expected to create a positive impact not only in the housing market but also in the lives of first-time homeowners.
Real estate agent Paula Benn expressed enthusiasm for collaborating with Merchant Finance on this initiative, emphasizing its role in facilitating home ownership for young professionals. She noted that eliminating the burden of a large deposit provides a vital opportunity for individuals to invest in their futures and build equity.
This initiative is anticipated to have a substantial effect, fostering growth in both the community and the local economy, especially in light of the migration patterns affecting Fiji.
Overall, this new loan package symbolizes hope for many potential homeowners who previously faced obstacles to achieving their dream of home ownership. It reflects a progressive movement towards making real estate accessible to all, particularly for younger generations eager to invest in their future.
Leave a comment