Once-off payout for qualifying, first-time homeowners

Owning a home is the dream of many people and the government also wants to see more people owning a home. The Department of Human Settlements therefore makes a once-off payout to qualifying home buyers.

The payout forms part of the Finance Linked Individual Subsidy Programme, popularly known as FLISP. This programme of government pays out a certain amount of money to first-time home buyers. The best part of this subsidy is that the qualifying home buyers do not have to pay it back.

The qualifying criteria for the FLISP payout include that you should:

  1. Be a South African citizen or permanent resident
  2. Be an adult
  3. Be a first time home buyer
  4. Have financial dependents such as children, a spouse or other family members such as parents or siblings
  5. Not have received a government housing subsidy before
  6. Have an approved bond to be able to buy a house, from a bank in South Africa
  7. Earn a monthly income of between R3 501 and R22 000.

Qualifying home buyers can receive as much as R169 000 towards buying the house. This money can be used to pay the transfer costs of the house or towards the bond. You can also add the FLISP payout to any other financing that the home buyer already has such as a pension-backed housing loan or own savings or an employer-based housing subsidy.

Call for a free consultation on your FLISP application, with the conveyancers in Cape Town and Johannesburg of Julies Attorneys Inc.

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