What is First Home Finance (Formerly FLISP)?
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Excited to take the leap into homeownership? Let Chas Everitt guide you through the process with First Home Finance, your ticket to making that dream of owning your first home a reality.
First Home Finance, formerly known as FLISP is a subsidy programme designed to assist first-time homebuyers with purchasing a home. Tired of renting and ready to invest in a home of your own? With First Home Finance, you can turn that dream into a concrete plan.
Here's what you need to know:
What do you need to qualify
Your gross household income is between R3,501 and R22,000 per month, i.e. 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.
How to apply
Once you are pre-approved for a home loan, apply for a First Home Finance subsidy at your local Department of Human Settlement office; register and apply online via the First Home Finance Application portal; or call the National Housing Finance Corporation on 010 085 2199.
How does it work
The subsidy amount depends on your income and ranges between R38 911 - R169 265. It is a once-off payment that is made and is not repayable by the recipient.
The subsidy can be used to purchase any residential property or piece of vacant serviced residential land. It can also be used towards the cost of building a residence on a piece of land that the applicant already owns.
First-time buyers can qualify for a First Home Finance subsidy if they have financial assistance to buy a property in the form of:
The beneficiary's pension/provident fund loan;
A co-operative or community-based savings scheme, i.e. stokvel;
The Government Employees Housing Scheme;
Any other Employer-Assisted Housing Scheme;
An unsecured loan; and
An Instalment Sale Agreement or Rent-to-own Agreement.
*There is no limit on the price of the property that can be purchased. The First Home Finance subsidy can now also be used for bond and transfer costs.
From understanding your options for accessing the subsidy to ensuring you meet the necessary qualifications, Chas Everitt is committed to making the journey as smooth as possible for you. Don't just dream of homeownership, make it a reality with Chas Everitt and First Home Finance. Get started today!
Author: Chas Everitt