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