With the introduction of a FLISP subsidy, future homeowners are now granted with the opportunity to apply for assistance in the form of a subsidy when buying their first property.

To qualify for a FLISP subsidy future potential homeowners have to satisfy specific requirements. These requirements stipulate that individuals wishing to apply need to fall within the salary bracket of R3 501,00 – R22 000,00, be a South African citizen who is over the legal age (18 years) and lastly individuals should either be married or single with a dependent.

However, new requirements regarding the FLISP subsidy had been introduced. Since 1 April 2022, future home owners may use their FLISP subsidy as payment to pay their attorneys transfer fees and may apply if they found other financial means to fund the purchase of their first property. With the new requirements being imposed, more room is created for individuals to purchase their own property.

In addition to this, the new requirements also seek to alleviate financial burdens placed on individuals.