If you’ve ever dreamed of owning your own home, but found it financially out of reach, the First Home Finance (formerly known as FLISP) might be the solution you’ve been searching for.
What is the First Home Finance (FLISP) subsidy?
First Home Finance is a government initiative in South Africa aimed at helping low to middle-income individuals and families become homeowners.
Whether you’re a first-time buyer or someone looking to upgrade from renting to owning, understanding how the First Home Finance subsidy works can be a game-changer in your journey towards homeownership.
So, if you’re ready to take that step towards becoming a homeowner in 2024 and want to learn more about how First Home Finance can make it possible, keep reading.
What do I need to qualify for the First Home Finance (FLISP) subsidy?
To qualify for First Home Finance (FLISP), the following criteria must be met:
- Your gross household income is between R3,501 and R22,000 per month, ie. Basic household income, plus housing allowance where applicable.
- You are a South African citizen or have a permanent residency permit.
- You are over 18 years and competent to contract.
- You are married or cohabiting OR single with financial dependents.
- You haven’t received a government housing subsidy before.
- You haven’t owned fixed residential property before.
What can I finance with the subsidy?
Your First Home Finance (FLISP) subsidy can be used for the following finance options:
- Mortgage Loan (an approved home loan).
- No fee or no interest loan (an interest free loan from a lender).
- Pension-backed loan (a loan provided by a financial institution secured by your pension savings).
- Rent to Buy / Deferred ownership (an agreement with your landlord to purchase the property you have been renting).
- No financial contribution required (if the subsidy amount that you qualify for is equal to, or greater than, the purchase price of the property. The subsidy can also be used to cover transfer, bond registration costs, or a shortfall on the bond).
- Cash – from your own savings.
How do I apply for First Home Finance (FLISP)?
- Download the application form.
- Complete all highlighted sections/or marked with an “X”
- Hand-deliver or post to the following address:
Hand-delivered: Helpdesk, Ground Floor, 27 Wale Street, Cape Town, 8001
Post: Attention: Subsidy Administration, Private Bag X9083, Cape Town, 8000
Please note: Faxed or emailed applications are not accepted.
What documents are required for my First Home Finance (FLISP) application?
- Certified copies of identity documents (IDs)
- Certified copies of dependents’ birth certificates
- Certified copy of marriage certificate/ Final order of divorce
- Original recent payslip/affidavit confirming unemployment/ proof of social grant
- Certified copy of the deed of sale/ offer to purchase, if applicable
- Certified copy of the bond approval/ bond quotation, if applicable
- Original/ certified copy of the statement of transfer cost from transferring attorney, if applicable
Can Own Your Home assist me with the FLISP subsidy?
Absolutely. With Own Your Home it’s easier than you think. All homes at Mountain Ridge Estate in Paarl are preapproved for the FLISP / First Home Finance subsidy. We’re here to support you on this exciting journey towards owning your first home in Paarl. Take advantage of this fantastic opportunity and turn your aspirations into reality today!
Call to Action:
Visit our website: https://ownyourhome.co.za/
Contact us for a personalized consultation: 087 813 0001 or sales@oyh.co.za
Visit our show house: https://ownyourhome.co.za/contact-us/