OVER 500 people have visited Merchant Finance to enquire about their eligibility since the launch of the company’s zero-deposit home loan product early last month.
Merchant Finance chief executive officer Veilawa Rereiwasaliwa said their zero-deposit home loan, a first for Fiji, had become a popular product that, together with their new land loan product launched early this month, are now providing renewed hope to Fiji’s aspiring first homeowners.
“We’ve had more than 500 people who have come in to do their eligibility tests, but we have 48 loans currently in process and that’s those who have identified a property, they’ve done their sales and purchase agreement and then they’re just working with us to get their documentations sorted,” Mr Rereiwasaliwa said in an interview with this newspaper.
“And that’s in six weeks. So in six weeks, we’ve got 48, so about $10million worth of loans – all first home owners.”
The new loan products are targeted at individuals and families, especially those who live in informal settlements, who want to purchase their first home or buy a piece of land to build a home.
“Some of them have been trying for a while to purchase their first property so it’s just been amazing to see the response, the eagerness of people to come and at least do their eligibility so they at least know how much budget they can work with.
“But also, just the excitement in people’s eyes when they know they’re going to be purchasing their first property”.
Mr Rereiwasaliwa said the company had developed the new home and land loan products to make them more accessible to Fijians.
NOTE: This article was first published in the print edition of the Fiji Times dated MARCH 29, 2025.
