21 Nov Does the FLISP money get paid into my account?

If you are in the process of becoming a first-time homeowner through FLISP, it is important to understand how it works. If you are asking, “Does the FLISP money get paid into my account?” the answer is no. Even though this subsidy is a cash grant, you will never receive the money directly. So, where is the FLISP money paid to? It depends on how you are using FLISP to own your first home.

If You Are Using a Home Loan

Are you using FLISP with a bond or home loan? In this case, the subsidy will be paid directly to your bank or bond account. This way, your home loan amount is reduced, so that you benefit from lower monthly repayments or shorter repayment terms. FLISP offers various shortfall solutions: bridging the gap to homeownership.

If You Are Building a House

So, how does FLISP payout if you are building your home on land that you own? The subsidy will be paid out in stages to your approved lender, conveyancer, or building contractor, as the project progresses. The subsidy funds will cover building costs. You will first need to provide proof of land ownership and approved building plans from your local municipality. Let our team help you get free government money for a house.

If You are Using Savings

Are you using your own funds or savings to buy a home with FLISP? The grant will not be paid into your account; instead, it is paid to the transferring attorney. The funds are used to finalise your property registration or to reimburse qualifying expenses, like transfer costs.

You can use FLISP to by a house with cash, a loan, or pension. So, will the FLISP funds be paid directly to you? No – instead, the subsidy goes towards your property or loan, and is paid to the institution handling your home’s financing. Let FirstStep Housing help you secure your FLISP subsidy – APPLY NOW.