ACQUIRING
You can thus combine your FLISP subsidy with your home loan amount to improve your home property buying power.
Reduce Your Home Loan
You can use the FLISP amount to flatten some of your bond upfront. The subsidy can be paid back into your home loan to reduce the total exposure of debt to the bank. If the home owner, however continues with his original home loan repayment, such will result in the buyer saving thousands of Rands they would have paid to the bank in interest during the 20-30 year loan repayment period as the home loan can be repaid in a shorter period of time.
Pay Legal & Bond Fees
You have just signed along the dotted line, qualified for your home loan and budgeted for the purchase price. A few days later an attorney contacts you, and informs you there are Transfer Fees and Bond Registration fees to be paid to transfer the property into your name. This cost often comes as a surprise to first-time buyers. FLISP can be used to settle these transfer costs, preventing lengthy delays while you try and secure the funds, only if you buy a property in the Western Cape.
Draw Inspiration from Mary
It is always difficult to make the first step towards a set goal, and sometimes hearing other people’ s success stories sparks the urge to action on the goal. The story of Mary Xaba, a domestic worker from Ivory Park in Johannesburg, had her own property registered in her name last year might make you want to move.
Ms Xaba owns a 2-bedroom RDP home in Ga-Rankuwa, Gauteng, after a successful bond application for R225 000.00, along with a FLISP subsidy approval of R120 000.00 due to the assistance of FLISP, she will only pay R125 000.00 for her first home.
“ Despite the success stories we hear the subsidy still remains an industry secret. This is one of the reasons why we make first-time homeowner education an integral part of our FLISP services,” De Waal concludes.
USEFUL INFORMATION
FLISP WEBSITE https:// flisp. co. za /
FLISP SUBSIDY CALCULATOR https:// flisp. co. za / flisp-subsidy-calculator /
NATIONAL HOUSING FINANCE CORPORATION https:// www. nhfc. co. za /
DEPARTMENT OF HUMAN SETTLEMENTS http:// www. dhs. gov. za /
SOURCE MDW
MEYER DE WAAL A practicing attorney and director of MDW Inc, He used his legal and conveyancing background to start Rent2buy, My Budget Fitness, Consumer Housing Education and My Bond Fitness.
22 MARCH 2021 SA Real Estate Investor Magazine