Kamna Kumar 
In an effort to increase homeownership among low and middle income families, Merchant Finance has launched its Zero Deposit Home Loan.
Housing Minister Maciu Nalumisa, says it aligns with the government’s $32m housing budget for this fiscal year.
“Many families struggle to save the initial deposit needed for a home loan. This program will help bridge that gap and make homeownership a reality for more Fijians.”
Merchant Finance CEO Veilawa Rereiwasaliwa says they began piloting the loan this month and have processed over 200 eligibility checks.
Rereiwasaliwa says 10 out of eight applications have been approved.
“We’ve seen a strong demand, especially from young professionals, civil servants, and families who have been renting for years. A majority of the interest is from Suva, but we’re also seeing applications from other parts of the country.”
He adds that while the loan makes homeownership more achievable, limited housing stock remains a challenge.
“There are more than 20,000 families renting in Fiji, but the market simply doesn’t have enough affordable homes. Without increasing supply, this will only be a short-term fix.”
To address this, he says Merchant Finance is preparing to launch a new product next month aimed at increasing housing availability, working alongside key stakeholders to bridge the gap.
