Can First-Time Buyers Get Multiple Subsidies?

30 Mar Can First-Time Buyers Get Multiple Subsidies?

Posted at 11:48h in Latest News by

When it comes to the FLISP Housing subsidy, it is important to understand that it can potentially change lives. For qualifying South Africans who do not earn enough to buy a property without assistance, FLISP can be your path to first-time homeownership. This means security, stability, and an improved future for you and your family. But can first-time buyers get multiple subsidies?

Essentially, FLISP and many other grants provide households with free money from the government to improve their lives. The subsidy provides shortfall solutions, bridging the gap to homeownership, rather than helping individuals save money on property purchases for investment opportunities or to buy a better home with multiple subsidies.

Understanding Subsidy Limitations

The Finance Linked Individual Subsidy Programme (FLISP), now also referred to as First Home Finance, is a once-off grant only available to first-time buyers who meet the qualifying criteria. If you own a property, have owned a property, or have received a housing grant before, you will not be approved for a FLISP subsidy application.

This is an important limitation, because it ensures fair access to government support. FLISP is funded by the Department of Human Settlements, and each South African province receives a specific amount each year to assist families as they work to buy or build their first house. Unfortunately, this means that sometimes the funds fall short due to budget constraints. This highlights why it is so significant to carefully regulate who benefits from FLISP.

FLISP can help if you are over 18 and a South African citizen or permanent resident. You must be able to prove your income over 3 months and earn a combined monthly amount between R3,500 and R22,000. To qualify, you must be married, cohabitating, or single with financial dependents. Remember, you cannot apply if you have previously owned property or received a subsidy.

Can South Africans benefit from more than one subsidy to buy a home?

How Can FLISP Be Used?

Although you can’t combine FLISP with other government subsidies, you can use FLISP to buy a home with cash, a loan, or a pension fund. At FirstStep Housing, our goal is to empower first-time homeowners who need a financial boost to achieve their goals. We help you navigate the entire process from beginning to end for the best possible outcomes. If you are ready to pursue homeownership, we are here to help you.

We need the following from you to activate your FLISP application:

  • Details and OTP/sales agreement of the property you intend to buy
  • Identity Document for each prospective buyer
  • Three months’ recent payslips for all prospective buyers
  • Birth certificates for all minor dependants in your household
  • Marriage certificate/divorce certificate/settlement agreement if applicable

APPLY NOW and look forward to what comes next. We look forward to helping you step through the doors of your newly-owned home for the very first time! Claim government subsidy funds for your first house with professional assistance.