Thumbs-Up to Fiji’s Zero-Deposit Home Loan Deal

The new zero-deposit home loan package by Merchant Finance Limited for first-time home buyers is getting a lot of interests from public members.

Nadi Chamber of Commerce and Industry (NCCI) president Dr Ram Raju saluted the finance company for the home loan initiative.

“This new offer of a zero-deposit home loan package with an attractive interest rate based on the reducing balance could not have come at a better time,” Dr Raju said.

“We believe this new package will really shake the market and be a game-changer in the real estate sector.”

Dr Raju commended Merchant Finance Ltd chief executive officer Veilawa Rereiwasaliwa for “thinking outside the box” and coming up with ideas that match the situation of people on the ground that are aspiring to own a home instead of renting.

Mr Rereiwasaliwa said many people spent years just to collect the minimum deposit for their first home loan as required by commercial banks and by the time they were able to collect the required sum, property costs were higher than the initial offer.

Dr Raju believes this new approach will be the “turning-point” in the market and aspiring homeowners should take full advantage of the offer.

The fixed interest rate of 3.99 per cent in the zero-deposit home loan is a pretty attractive offer, says the Nadi Chamber of Commerce and Industry. Photo: Coastal Builders

Positive impact

“A fixed interest rate of 3.99 per cent on reducing balance for customers below the combined income of $50,000 and 5.99 per cent for those above the $50k mark with the variable rate at 8.99 per cent is a pretty attractive offer.

“It will definitely create a positive impact in the market and in the lives of first-time homeowners.”

Real estate agent Paula Benn says she is ready to work with Merchant Finance with this latest offer targeted at first-time home buyers.

“We, at Thirty One Degrees Real Estate, are thrilled to support Merchant Finance in this new initiative for first-time home buyers. This programme is a significant step forward in making home ownership more accessible, particularly for young professionals,” Ms Benn said.

“By removing the barrier of a hefty deposit, Merchant Finance is providing a much-needed opportunity for young professionals to invest in their future and build equity on their own.

“We believe this programme will not only benefit individual buyers, but also contribute to the growth and development of our community.

“We have lots of migration out of the country and very limited into Fiji, so this initiative will add growth to our local economy.” he said.

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