Areas and Places Developments Residential

Developer cuts red tape to assist first-time buyers access government subsidy in Cape Town

An artist's impression of , Ihlathi, in Parklands, Cape Town.
An artist's impression of Ihlathi in Parklands, Cape Town.

Property developers, International Housing Solutions (IHS), are helping South Africans earning under R22 000 per month access to an ‘underutilised’ government housing subsidy, established to assist those aspiring to become first-time homeowners.  

FLISP, the government’s Finance Linked Individual Subsidy Programme, assists qualifying first-time buyers caught in the ‘gap’ sector – those who historically earned too little to invest in property – with financial support.

Property expert, Toni Enderli, says FLISP subsidies, combined with the lowest interest rates in fifty years, transfer duty relief and higher home loan rate approvals, mean that families who rent may now be able to buy into the affordable housing bracket for the first time.

International Housing Solutions has appointed dedicated FLISP agents to assist with their entry-level, innovative, eco-friendly gated community, Ihlathi, in Parklands, Cape Town.

Many who qualify are not accessing FLISP funding due to various challenges. Our FLISP team is helping them buy their first home in Ihlathi by taking away the administrative pain,” said Enderli.

Realtor of Excellence’s development sales director, Wayne Lawson, says low interest rates, no transfer duty or fees, higher loan rate approvals, attractive entry-level offerings and FLISP subsidies offer unprecedented opportunities to prospective home buyers.

Monthly repayments for one-bedroom units (priced from R699 999) at Ihlathi are under R5 500 per month, compared to R7 500 a month to rent a similar space.”

Two-bedroomed units start from R779 999 and three-bedroom units from R1 249 999.

Ihlathi is GBCSA certified, and it includes solar geysers, fibre-ready internet, and 24-hr security monitoring.

In addition to affordability, you are buying into a safe, secure and ideally located community on a green belt. This value is unprecedented,” says International Housing Solutions MD, Rob Wesselo.