Zuko Komisa
- The First Home Finance grant is a government-funded subsidy designed to help citizens buy their first property.
- Funds can be used to reduce monthly bond repayments, settle a home loan, or contribute towards a deposit.
- Managed by the National Housing Finance Corporation (NHFC), the scheme targets specific income brackets to improve housing accessibility.
Many aspiring homeowners are unaware that the government offers a financial lifeline specifically for first-time buyers. The First Home Finance grant, managed by the Department of Human Settlements, provides a non-repayable subsidy that can significantly lower the barrier to entry for the property market.
This week, Mathews Sidu, Programme Manager at the National Housing Finance Corporation (NHFC), joined Drive 959 to explain the mechanics of the scheme.
The subsidy is versatile; it can be applied to reduce the total bond amount, used as a down payment to secure a mortgage, or even utilised to pay off an existing home loan.
The primary goal of the initiative is to support middle-to-lower income earners who may struggle with traditional banking requirements.
By easing the financial burden of a first purchase, the government aims to increase homeownership rates and provide long-term stability for South African families.
Listen to the full conversation here:
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The post Did you know the government can actually help pay for your first home? appeared first on KAYA 959.
