A recent announcement from a local licensed credit institution has introduced a zero deposit home loan package that is expected to make a significant impact on Fiji’s housing market. Dr. Ram Raju, president of the Nadi Chamber of Commerce, praised Merchant Finance’s initiative aimed at helping first-time home buyers, describing it as a potential “game changer” for the sector.
Dr. Raju noted that the timing of this zero-deposit offering, coupled with an attractive interest rate based on a reducing balance, could not be more opportune. He expressed his belief that this new package will invigorate the market and alter the landscape of real estate opportunities for aspiring homeowners.
Merchant Finance CEO Veilawa Rereiwasaliwa highlighted that this package is tailored specifically for individuals in the early stages of their careers, new families, and those currently renting who wish to transition into homeownership but have been hindered by the requirement for deposits typically imposed by commercial banks.
The loan package includes a fixed interest rate of 3.99% for five years for those with a combined annual income of $50,000, and a fixed rate of 5.99% with a variable rate of 8.99% for those earning $50,000 or more annually.
Dr. Raju characterized this initiative as a significant turning point not only for the housing market but also for the lives of first-time buyers, reflecting a positive shift towards making homeownership more accessible.
As this new offering takes shape, it is hoped that it can catalyze broader changes in the housing landscape, making it easier for families and individuals to achieve their dreams of owning a home. The move aligns with ongoing efforts to support economic growth and stability in Fiji.
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