As of April 1 2022 , a first-time buyer does not necessarily have to approach the banks for a home loan . Now they can qualify for a FLISP subsidy if they have financial assistance in the form of ;
• the beneficiary ’ s pension / provident fund loan ,
• a co-operative or community-based savings scheme , i . e . stokvel ,
• the Government Employees Housing Scheme ,
• any other Employer-Assisted Housing Scheme ,
• an unsecured loan ,
• an Instalment Sale Agreement ir Rentto-own Agreement .
“ The announcement that the Finance Linked Individual Subsidy ( FLISP ) has been delinked and is no longer just a mortgage-only option is a very welcome development ,” says Meyer de Waal , a conveyancing attorney of Cape Town who made it his mission over the past eight years to assist first time buyers to gain access to a home loan and assist with a FLISP subsidy application .
“ There were many times in the past where I considered giving up out of frustration as the barriers to entry for a first-time buyer were often too difficult to overcome ,” says de Waal . “ We are thrilled with Minister Kubayi ’ s announcement , and are glad that we persevered and today can provide a comprehensive FLISP first time buyer assistance that includes home loan and or non-mortgage linked finance application services .”
Meyer de Waal , Director of MDW
SA Real Estate Investor Magazine APRIL 2022 31