Josefa Sigavolavola 
Merchant Finance Limited's Chief Executive Veilawa Rereiwasaliwa [file photo]
Merchant Finance Limited’s zero-deposit housing initiative is making strong progress, with approximately 40 customers already approved for home loans.
According to Company Chief Executive Veilawa Rereiwasaliwa, most of these approved buyers have already moved into their first homes.
He adds that many of the new homeowners are young Fijians starting their new lives, adding that the initiative, launched seven months ago, is showing strong results.
“Recently we’ve got a 27-year-old buy his first home in Lautoka and that we’ve been pleased to being part of that journey for him.”
Rereiwasaliwa said the majority of applications and successful borrowers come from the iTaukei community, and most have a combined household income above $50,000 per year.
“But in saying that, you know young couple per person per annum in their salary they don’t have enough saved in their FNPF, so with the zero deposit it has helped them buy that first home earlier on in their life.”
Minister for Housing and Local Government, Maciu Nalumisa, said several financial institutions have expressed interest in creating special financing packages to assist homebuyers, landlords, and developers.
“So basically, our focus is on the middle income and below earners so thats our mandate right now. So, all in all the government will support of the private sector in terms of finances, so even in some of the initiatives that we are doing in terms of land, houses it’s also open to other financial institutions in Fiji.”
Merchant Finance believes the overall success of the scheme highlights growing demand for accessible and inclusive financing in Fiji’s housing market.
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