Property sales

question

Posted by: A Pillay | 2014/10/08 16:16

How does a first-time home buyer qualify for a government housing subsidy?

My son bought a flat in a complex a year ago. Does he qualify for a government subsidy? His salary is R9000.00 per month. He is a 1st time home buyer.

expert answer

Posted by: Carol Reynolds | 2014/10/11 10:28
Housing subsidies only apply to individuals whose income is less than R7000 per month. Thus, unfortunately, your son won't qualify. However, because he is a first time buyer with a stable income, he might well qualify for a 90% or even a 100% bond from the bank. Banks are trying to assist first time buyers to enter the property market and they will look favourably upon a salaried earner. There are units on the Durban beachfront from R350 000, so perhaps your son could look at something like this as an entry level investment to get into the market. Alternatively, you could consider a syndicate or joint investment enabling him to own a share in a property.   

Fin24 cannot be held liable for any decisions made based on the advice given by independent experts, and disclaims all responsibility or liability for any damages whatsoever resulting from the use of the site

user comments

Posted by: dan | 2014/10/20 15:37
Government assist first time home buyers who earn up to R15000.00. Ask for the FLISP programme
Reply to dan

comment on this story

1 comment
Read the comments policy
Your comment has been posted and will appear shortly.
Please fill in the required fields.