Free property buyer and seller information workshop on 17 November in Khayelitsha
Category Media Release
The Attorney Realtor Hub held its first Property Buyer Information workshop in Khayelitsha on 20 October, which was fully subscribed. The second workshop will be held on the 17th of November which will focus on the increased subsidies for first-time home buyers via the Finance Linked Individual Subsidy Programme (FLISP) and the Rent2Buy concept (R2B).
If you are a first-time home buyer, or if you have employees, friends or family members who fall in the income bracket of R3501 to R22 000 per month, a FLISP subsidy might be available for you and them.
Click here to register for the Khayelitsha Property Buyer & Seller November Information Session, which focusses on FLISP and Rent2buy, on 17 November 2018 from 14h00 to 16h00. The venue address is Isivivana Centre, Bertha Movie House, Khayelitsha.
More about FLISP
As of 28th July 2018, first-time home buyers that earn up to R22 000 per month can now benefit from the new FLISP subsidy increase. The ceiling was previously R15 000 but now, with the increase, there are more candidates who would qualify.
Qualifying criteria for a FLISP subsidy:
- FLISP subsidies are available for first time home buyers who earn between R3 501 - R22 000 per month.
- The home loan of the buyer must first be approved and the buyer must be a South African citizen and be married, co-habiting or single with a dependent.
- The new buyer must never have benefitted from a similar subsidy before; e.g. an RDP house.
Home buyers who recently took transfer and meet the qualifying criteria can also apply. The new R22 000 income subsidy bands however will only be applicable for properties that are in process of application or transferred after 28th July 2018.
Info on Rent2buy:
But if the buyer doesn't quite qualify yet, either with regards to the deposit or the bond repayments, the Rent2buy option might be the option to be able to buy a home. Those who are renting and struggling to save a sizeable deposit to purchase their own home will be pleased to know that, if they live in Gauteng or Cape Town, the Rent2buy Finance option is now available via their attorney, as a member of the Attorney Realtor Hub (ARH), as a means of owning their own home.
This product is available for pre-approved properties in the above-mentioned areas for homes priced between R400 000 and R1 800 000.
Rent2buy is exactly what it says, the tenant can rent the property he wishes to buy (pre-approval of the potential buyer is necessary) and will pay an additional amount apart from his monthly rental, which will go towards his deposit. At the end of a two-year lease period the offer to purchase comes into effect and the buyer applies for a bond on the property. During the two years he is renting, the tenant/potential buyer can work on rehabilitating his financial situation via My Bond Fitness (mybondfitness.co.za).
This educational series is a collective initiative by the property attorneys of the Attorney Realtor HUB, who share a passion for imparting the knowledge that they collectively have gathered over the years and invite like-minded professional stakeholders to participate.
Buying, selling or investing in a property remains most likely the biggest investment one will ever deal with, and ARH attorneys believe that one must gather the knowledge available and be empowered to do it as an expert.
Author: Meyer de Waal