BREAKING BARRIERS TO HOMEOWNERSHIP WITH FIRST HOME FINANCE
Category Advice
Have you been dreaming of owning your own place but finding the costs daunting? We're excited to share a fantastic opportunity that could make owning your first home a reality - the First Home Finance program.
First Home Finance is a special subsidy created by the Department of Human Settlements to help South African citizens and legal permanent residents with household incomes ranging from R3,501 to R22,000 per month (what's often called the 'affordable' or 'gap' market) to buy or build their first homes. This subsidy is a one-time offer, ranging from R27,960 to R121,626, depending on your circumstances.
The program was designed to address the gap where households earn too little for traditional mortgage finance but too much for government-provided 'free-basic houses' like RDP or BNG houses. First Home Finance aims to provide sustainable and affordable homeownership opportunities for this segment of the population.
To qualify, you must be over 18 years old, never have owned a home, and have never benefited from a Government Housing Subsidy Scheme before. You'll also need to have an approved home loan from a registered financial institution. The subsidy can be used alongside various housing loan products, including mortgage loans, unsecured housing loans, and loans from community-based savings schemes, among others.
Applying for First Home Finance is straightforward. You'll need to gather a few documents, such as your ID, proof of income, and other supporting documents. Once you've got everything together, you can speak with one of our Wakefields property practitioners for more information and to start your application.
Don't let homeownership feel out of reach. With First Home Finance, you could be one step closer to making your dream of owning a home a reality. So, why wait? Explore this opportunity today and take that exciting step towards owning your own place!
Author: Wakefields Real Estate
