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How to apply for the Government Housing Subsidy in 2024

First Home Finance (FLISP) helps people with low income purchase a home. We guide you through the process of applying to help you secure your dream home..

Government Housing Subsidy

Article summary

  • First Home Finance (formerly known as FLISP) is a government subsidy ranging from R38 878 – R169 264, aimed at first-time homebuyers with an income ranging from 
  • R3 501 to R22 000 per month.
  • Applying with ooba Home Loans is quick and easy. Our consultant will guide you through the process, submit the paperwork on your behalf, and update you as needed.
  • First Home Finance increases your chances of home loan approval and can even be used as a deposit.

First Home Finance (formerly known as FLISP) provides a government subsidy that can help first-time homebuyers with low income get on the property ladder.

You may be excited by the prospect of owning your own home but unsure how to go about it. Fortunately, we make the process quick and easy for you, because we want you to have the best chance at owning a home and benefitting from the wealth and security that come with it.

Applying for First Home Finance with ooba Home Loans

We provide a form that you can fill in within minutes. Our ooba Home Loans consultant will then get in touch with you to guide you through the process.

The application process:

  • After you’ve filled in the form, an ooba Home Loans consultant will get in touch to determine that you fit the profile for a First Home Finance subsidy.
  • The consultant completes and submits the prequalification form.
  • The outcome is reported to the buyer.

How long does the application process take:

The full application process takes about 21 days. However, ooba Home Loans can prequalify you for the process within 3 days.

Do you qualify for First Home Finance?

First, ensure that you meet the following qualification criteria.

  • 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.

How do you finance the subsidy?

You have the following options:

  • Mortgage loan.
  • No fee or no interest loan.
  • Pension-backed loan.
  • Rent to Buy / Deferred ownership.
  • Cash.

Thankfully, as of 2023, variable proof of income is no longer required. Applicants will now be assessed based on fixed basic income and housing allowance.

How much is the subsidy?

The subsidy ranges from R38 878 – R169 264. The lower your income, the higher the subsidy.

You can use this subsidy to:

  • Buy an existing house / apartment.
  • Buy a serviced residential site.
  • Build a house on a serviced residential site, if the site was not acquired through a government housing subsidy in the past.

The subsidy increases your chances of home loan approval as the banks are aware of First Home Finance and will be encouraged by the availability of finance. You can also use the subsidy as a deposit to reduce your interest rates and monthly repayments.

Are you interested in applying for First Home Finance (formerly known as FLISP)? Get all your questions answered, such as whether you qualify, how to apply and how First Home Finance can be used to acquire your first home.

Apply for a housing subsidy

First Home Finance offers homebuyers a subsidy on their first home.

Do I qualify?

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Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

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