17 May 2023
First Home Finance, formerly FLISP, enables first-time homeownership for households classified within the 'affordable or gap' market.
Households in this market generally earn an income that is too low to qualify for home loans and too high to qualify for 'free' government housing subsidies. This is where First Home Finance can make a difference.
Households with an income between R3 501 to R22 000 may qualify for the subsidy if they meet all the criteria:
Use the First Home Finance subsidy amount calculator to calculate the approximate subsidy you will be eligible for - simply select your income bracket and complete the information required.
Yes, your subsidy amount will be based on your income range, and you must meet the qualifying criteria.
We recommend applying for First Home Finance immediately after your home loan or unsecured loan approval to avoid delays with your bond registration process, especially if you intend to use the subsidy to pay for your deposit, transfer or bond registration costs.
You may also apply for First Home Finance after your bond is registered; however, the application must be sent within 3 months. Please note that this varies by province.
First Home Finance can help you purchase a house. you can use the subsidy to:
First-time buyers can qualify for a First Home Finance subsidy if they have financial assistance to buy a property in the form of:
For First Home Finance subsidy consideration, applicants must produce a signed Letter of Acceptance indicating from a South African accredited financial institution, such as SA Home Loans.
We are a specialist mortgage provider with experience in providing home loans suited to each applicant. We will give you our best possible rate and also help work out how to structure your mortgage to gain maximum equity from your property.
SA Home Loans assess each application according to our credit and affordability standards and the National Credit Regulator’s lending criteria, which form a part of the First Home Finance application process.
After finding a home that warms your heart, contact our team to get your home loan or unsecured loan application started by calling 0860 2 4 6 8 10, emailing [email protected], or visiting the contact page on our website.
Visit our 2023 FLISP guide to learn more about this housing subsidy.