Dreaming of owning your own home, but feeling held back by the costs? There’s good news – the First Home Finance programme could help turn that dream into reality.
First Home Finance is a government-backed subsidy from the Department of Human Settlements, designed to support South African citizens and legal permanent residents earning between R3,501 and R22,000 per month – often referred to as the ‘affordable’ or ‘gap’ market. It offers a once-off subsidy ranging from R27,960 to R121,626, depending on your individual circumstances.
This initiative specifically addresses the gap for households who earn too much to qualify for government-provided housing (such as RDP or BNG homes), but not enough to easily secure traditional mortgage finance. The goal is simple: to make sustainable, affordable homeownership more accessible.
To qualify, applicants must be over 18, have never owned property before, and must not have previously benefited from a government housing subsidy. An approved home loan from a registered financial institution is also required. The subsidy can be used in conjunction with a variety of financing options, including mortgage loans, unsecured housing loans, and even community-based savings schemes.
Getting started is easier than you might think. With a few key documents – including your ID and proof of income – you can begin the application process. Your Wakefields property practitioner is there to guide you every step of the way.
Homeownership doesn’t have to feel out of reach. With First Home Finance – and the right guidance – you could be closer than you think. Speak to your Wakefields property practitioner today to explore your options, get pre-qualified, and take the first confident step towards owning your own home.
