FLISP and Joint Bond Applications Explained

01 Oct Shortfall Solutions: Bridging the Gap to Homeownership

Posted at 09:50h in Latest News by

Everyone’s journey through life look different, but some dreams are universal. Homeownership is a goal that many South Africans aspire to. Having a property to call your own is life-changing, and being able to provide that stability to your loved ones is a massive personal achievement. At FirstStep Housing, we work with you to transform this dream into a reality through the FLISP housing subsidy.

The Finance Linked Individual Subsidy Programme (FLISP) helps families own their first homes. This form of government funding provides shortfall solutions while bridging the gap to homeownership. There are many ways to utilise your FLISP subsidy towards purchasing your property, from combining it with a bank home loan to using it towards transfer- and bond registration fees.

How You Can Use FLISP

You can use FLISP to buy a house with cash, a loan, or a pension. Other financing options that can serve as a shortfall solution, bridging the gap to homeownership, include employer-assisted housing and stokvels. This opens up many possibilities that were not available to the gap market years ago, allowing more people to secure a home where they feel safe, comfortable, and happy.

Remember that you can only apply for FLISP once you have obtained a signed offer to purchase (OTP) for the home you want to buy. This OTP must be submitted along with your application, in order to claim government subsidy funds for your first house.

If you have identified a property you wish to purchase and require assistance with an Offer to Purchase (OTP), we are available to help draft the document and coordinate signatures between the Seller and Purchaser. Please don’t hesitate to contact us for support.

Shortfall Solutions: Bridging the Gap to Homeownership

What Is Needed to Apply

The FLISP application process can be intricate – for the best results, work with our FirstStep Housing team. We manage your entire application from start to finish and can even assist you in sorting out your Offer to Purchase (OTP). Our services are designed to make your journey to homeownership easier. This is what we need from you for the application:

  • If married, a certified copy of your marriage certificate
  • If divorced, a certified divorce decree and settlement agreement
  • Birth certificates for children under 18 years of age
  • Certified SA ID or permanent residency permit
  • Proof of income (certified monthly income)
  • The details and OTP of the property you intend to buy

Who is FLISP For?

The FLISP housing subsidy is intended for South Africa’s GAP market, so those earning a combined household income of between R3,500 and R22,000. You must be over the age of 18 and a South African citizen or permanent resident to be considered for FLISP (also known as First Home Finance). Additionally, you cannot apply if you have already owned a property or received a government subsidy. It is also necessary that you have a spouse and/or dependents living with you.

There is a way to own your home, and our FirstStep Housing team are here to help you make it happen. FLISP is your pathway to first-time homeownership, and you don’t have to navigate the journey alone. APPLY NOW to get started.