For many South Africans, home ownership was a pipe dream they thought they might never experience. Then along came Covid-19, with low interest rates soon delivering one of the highest first-time buyer waves ever recorded in our country.
To make even more property dreams come true and extend a helping hand to first-time buyers, LexisNexis South Africa has partnered with MDW Inc to enable first-time buyers to apply for available government subsidies through the Finance Linked Individual Subsidy Program (FLISP).
Conveyancers now have an opportunity to play their part in making property dreams come true by simplify informing their clients of the program.
WHAT SUBSIDIES ARE AVAILABLE?
A FLISP subsidy is calculated on a sliding scale according to the gross income of the first-time home buyer and can range between R121 626 – R27 960. Use this online FLISP subsidy calculator to find out how much clients qualify for, as it is likely one of the first questions conveyancers will be asked.
HOW DOES YOUR CLIENT QUALIFY?
There are a few criteria to qualify:
- Clients must be a first-time home owner and have never owned a house before.
- Their home loan must be approved by one of the following traditional financial institutions - ABSA, Standard Bank, FNB, Nedbank & SAHL (Capitec Bank to follow soon).
- They must be a South African citizen with a financial dependent – such a spouse or a child.
- Their income must be between R3 501 and R22 000 per month (based on gross combined household income).
HOW TO REFER A CLIENT
Referring a client is easy:
- Explain the benefits of the FLISP subsidy to your client.
- Obtain your client’s permission to start the application process on their behalf.
- Register online at: FLISP Support registration