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How do you qualify for FLISP? A 2024 guide

We provide the information low-income earners need to make homeownership a reality, such as how to qualify for the government subsidy First Home Finance (FLISP)

How Do You Qualify For FLISP

Article summary

  • We want to help low-income earners make homeownership a reality by providing all the information they need.
  • For example, by guiding you through the qualification criteria, which include having an income between R3 501 and R22 000 per month
  • After ensuring you meet the criteria, you can apply for First Home Finance with ooba Home Loans. We make the process quick and easy.

First Home Finance (formerly known as FLISP) gives low-income earners a chance of home ownership.

If you’re a low-income earner dreaming of homeownership, we give you all the information you need because we want you to make your dream a reality. First up, the qualification criteria.

How to qualify for First Home Finance

  • 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 I finance the subsidy?

Thankfully, you don’t need to get a home loan approved before applying for First Home Finance, and can instead use the subsidy when applying for a home loan to improve your chances of approval

Forms of finance that are available to you include:

  • 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 do I apply for First Home Finance?

After ensuring you meet the qualification criteria, you can apply with ooba Home Loans. After you’ve filled in the form, our consultant will get in touch and help you through the process so we can make it as quick and easy for you as possible.

We can prequalify you for First Home Finance in three days and secure the subsidy in around 21 days. The application process is as follows:

  • After you’ve filled in the form, a 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.

The subsidy ranges from R38 878 – R169 264 depending on your income.

Once you’ve secured the subsidy, you can use it 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.

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

FLISP offering homebuyers a subsidy on their first home.

Do I qualify?

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