Get closer to owning a home with First Home Finance
(Previously known as FLISP)
Owning a home is a life goal for many people, and there are ways for first-time homebuyers to achieve this goal.
The government introduced First Home Finance (previously known as FLISP) to assist first-time buyers whose income is above the limit to qualify for a free government home but not enough to buy without some form of financial assistance.
First Home Finance was developed by the Department of Human Settlements (DHS) to enable sustainable and affordable first-time homeownership opportunities to South African citizens and legal permanent residents. The initiative is intended to assist qualifying households to access housing by providing a subsidy that can be used to pay the deposit on a house, decrease the size of the home loan, or pay for Attorney costs (bond registration and/or transfer fees).
Who qualifies for First Home Finance?
- Earn a joint income of between R3 501 - R22 000 per month and be a first-time home buyer.
- The once-off subsidy amount ranges between R38 911 – R169 265, depending on your monthly income. The maximum price of a property that can be financed through First Home Finance depends on your affordability.
- Once your bond amount is approved, you will have to approach the National Housing Finance Corporation to apply for the subsidy, or the nearest Local Municipality.
National Housing Finance Corporation contact details
Tel: 010 085 2199
Email: firsthomefinanceenquiries@nhfc.co.za
Website: https://www.nhfc.co.za/finance-solutions/first-home-finance/
If you have any more questions about how to make your homeownership dream a reality, reach out to our team of home loan specialists to get the guidance you need.