Merchant Finance Pte Limited (“Merchant Finance”) is excited to announce that it will launch a new zero-deposit Home Loan product by January 2025. 

There are only 12,574 Home Loans with Commercial Banks and Credit Institutions licensed by the Reserve Bank of Fiji as at September 2024. This is particularly notable given that Fiji has over 200,000 households. Merchant Finance aspires to increase the number of people accessing finance to purchase their first home by introducing a zero-deposit Home Loan product. The new Home Loan product will be the first one in the market to require zero deposit. In contrast, other financial institutions typically require a deposit of 10% to 20%, which presents a significant obstacle for aspiring homeowners.

Merchant Finance CEO, Mr. Veilawa Rereiwasaliwa said, “Our vision is to be the preferred financial services provider in Fiji and the new Home Loan product is designed to make Merchant Finance the first choice for buying your first property. With zero deposit required to buy a property, we are targeting people who are currently renting and keen to invest in a home as owners but haven’t saved up enough for a deposit.”

Merchant Finance is already a dominant player in the Motor Vehicle Finance and the Asset Finance space. With the recent launch of their Vanua Finance and Marama Finance teams, they are making significant strides in offering financing to indigenous-owned and women-owned businesses. Additionally, their unsecured personal loan product is performing well in the market. Mr. Rereiwasaliwa added, “In addition to all of this, we have another 3 new products and 2 new service propositions being worked on and they are all being done to bring our vision to life.”

Merchant Finance is also financing a number of land-subdivision projects in Suva and Nadi to increase the number of lots available to the market.  Mr. Rereiwasaliwa added, “We acknowledge that there is a shortage of affordable housing in Fiji and we are working with landowners to create more supply to the market. We are also working with stakeholders in the construction industry to develop affordable housing models which we can finance for our customers.” In the coming months, Merchant Finance will share more information with the market about their new zero-deposit Home Loan product and other related initiatives they are collaborating on with their stakeholders.

Visit your nearest Merchant Finance branch or send an email to info@mfl.com.fj for more information on the new Home Loan product.