This service will also include the design and development of the website for the development, facilitation of the end-user finance for the buyers through various financial institutions and subsidy applications.
This project is aimed to assist and guide first time buyers to secure their own homes, making use of the First Home Finance subsidies (previously known as FLISP) combined with a home loan or any of the other types of finance available under the new-delinked subsidy programme.
Buyers can also make use of employee assisted financial help, own savings, unsecured loans, and many more in terms of the new-delinked subsidy programme.
Fiona Williamson Attorneys in Mossel Bay will be working with the MDW INC team to assist with the sales, marketing and the conveyancing of the units sold.
TYPES OF UNITS AVAILABLE
There are 278 FLISP units, consisting of double-story block units.
The units consist of a living area, open plan kitchen, bathroom and 2 bedrooms are within a 45m² footprint.
PRICING
All units will be sold for the same price of R 450 000.00 that includes all costs of transfer and bond registration fees. HOW TO PAY LESS FOR YOUR UNIT
To qualify for a home loan of R450 000.00, a buyer needs to earn at least R16 300.00 per month if paid back at the current interest rate of 11.75 % over 20 years.
If the home loan term is stretched to be paid back over 30 years, the a buyer needs to earn at least R15 200.00 per month if paid back at the current interest rate of 11.75 % over 20 years.
However, if a First Home Finance Subsidy is applied on an income of R15 200.00 per month, then the subsidy of R85 238.00 can be deducted from the purchase price.
That leaves the buyer with a reduced home loan application of (R450 000.00 – R85 238.00 = R364 762.00. TO QUALIFY FOR A HOME LOAN OF R362 762.00
The good news is that to qualify for a subsidy of R364 762.00, a reduced income of R12 300.00 per month of a buyer is required, if to be paid off over 30 years at an interest rate of 11.75%.
“Many more first home buyers will be able to own their own properties, by applying their First Home Finance Subsidies”, says De Waal.
Verna Pugin will assist with the housing education for the first-time buyers as well the subsidy and home loan applications and pre-screening.
HOW TO QUALIFY FOR A FIRST HOME FINANCE SUBSIDY
The qualifying criteria for First Home Finance Subsidies are:
• One must never have owned a property before
• Your combined household income (before deductions) must be between R3 501.00 – R22 000.00 per month (to qualify for a home loan to afford this purchase, the buyer must earn at least R12 300.00 per month)
• Must have a financial dependent, such as a spouse or a child
• Be a South African Citizen or have a permanent residency permit.
• Must have a home loan approved, or can apply any of the de-linked financial solutions available.
ASSISTING FIRST TIME BUYERS
Says Meyer de Waal, director or MDW INC Attorneys,
“We identified that more than 52% of the buyers of properties are first home buyers. Over the past 16 years, we developed guidelines and educational modules for buyers to help them buy their own homes. Buying a home is often the biggest investment one will ever make, and first-time buyers often lack the experience or knowledge how to approach the home buying process. We are now able to share this knowledge and information with the first time buyers in Mossel Bay. First time buyers are often not certain how to apply the First Home Finance subsidies to assist them to reduce the purchase price of the home they want to buy and in such reduce the home loan that they need to qualify for. Unresolved issues on a credit score can also result in a decline of a home loan. Often a few negative entries such as a late payment or over indebtedness on a credit score profile can also prevent a buyer to obtain a home loan approval. Buyers who are overindebted or with a low or bad credit score will be assisted through the My Budget Fitness Programme developed by the MDW INC Team to improve their credit scores and affordability to re-apply when such improved. This service also includes the property transfers and home loan registrations for the individual buyers, all under one service.
From an earlier media release by the Government official website [1] it was reported that the Mountain View Housing Project in Mossel Bay, forms part of the Integrated Residential Development Programme (IRDP), where 1006 housing opportunities will be created for qualifying beneficiaries.
The development, which is a provincial priority project, is the first flagship project within the Mossel Bay municipal area. It comprises of mixed land uses i.e. Breaking New Ground (BNG) units, Finance Linked Individual Subsidy Programme (FLISP) units and Social Housing units.
The construction of this R297 million budgeted project commenced in July 2019.
Typologies in the project includes 278 FLISP units, consisting of double-story block units.
The units consisting of a living area, open plan kitchen, bathroom and 2 bedrooms are within a 45m² footprint.
Minister Simmers said: “It’s pleasing to note the progress that is being made with this project. The development has already significantly enhanced the aesthetics of the area and symbolises the importance of investing infrastructure. In due course, just as the environment is improving, so too will the qualifying beneficiaries be able to establish a new and integrated community. These residents will also be much closer to the CBD, which ensures access to economic, job and many other opportunities.
As the Western Cape government, we remain committed to accelerating human settlement delivery, while promoting social inclusion through the development of integrated, resilient, safe and sustainable human settlements in an open opportunity society.”
INFORMATION SESSIONS
The first information day sessions for buyers are scheduled for Friday 8 December and Saturday 9 December 2023.
REGISTER NOW TO BOOK A VIEWING AT THE SHOW UNIT AND OBTAIN YOUR HOME LOAN PRE-QUALIFICATION CERTIFICATE.
Sign up here to book a viewing and a pre-qualification.
Meyer de Waal
MDW INC Property Services
meyer@mdwinc.co.za
021 – 461 0065
083 653 6975