- You can obtain a first-time homebuyer grant in the form of First Home Finance (formerly known as FLISP).
- The grant is aimed at homebuyers with an income ranging from R3 501 to R22 000 per month.
- The grant ranges from R30 001 to R130 000 and can help you obtain home loan approval.
If you’re a first-time homebuyer, you may be wondering if there are any government programs that can help you.
Well you’re in luck, as the government provides a subsidy for low-income earners in the form of First Home Finance (formerly known as FLISP).
This grant is aimed at first-time homebuyers with an income ranging from R3 501 to R22 000 per month.
How do I obtain a grant for first-time homebuyers?
You can apply online with us. We provide a form that you can complete in a matter of minutes.
We then submit the form on your behalf and monitor the progress of your application so we can update you as needed.
Do I qualify for a first-time homebuyer grant?
You need to meet the following criteria in order to qualify:
- Your income must range from R3 501 to R22 000 per month.
- You must be a South African citizen with permanent residency in South Africa.
- You must not have received a government housing subsidy before.
- You must be married or cohabiting OR single with financial dependents.
- You must be over 18 years old.
- You must not have owned a fixed residential property before.
How much is the first-time homebuyer grant?
The subsidy ranges from R30 001 to R130 000, depending on your income. The lower your income, the higher the subsidy.
For more details, see the chart below.
Who pays the first-time homebuyer grant?
The National Housing Finance Corporation (NHFC) distributes funds to qualified applicants, according to the budget granted to them by the government.
What documents do I need to apply for the first-time homebuyer grant?
- 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 the transferring attorney, if applicable.
How does the first-time homebuyer grant help me?
The advantage of a homebuyer grant is it makes the bank more likely to approve your home loan application as they know you have funds available.
Of course, it also helps you obtain a more affordable home loan package, with lower interest rates and monthly repayments.
So for first-time homebuyers with low income, this government grant known as First Home Finance makes homeownership a reality.
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.
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