This week alone we assisted many home owners to save millions on their home loan repayments.
The FLISP subsidies to be paid into their home loans will help 7 home owners, who can save up to R 1,758 249.00 in total on their home loan repayments. We processed many more – but the 7 are a good example.
Fazlin (real name withheld):
Attached are the calculations of actual FLISP transactions processed the past few days:
(real names withheld)
|Bond amount||Salary||FLISP subsidy||Original repayment over full bond term
All 20 years
(* 30 years)
|Time/Years saved on bond repayment||Saving||Total Savings|
|Filoe||R473 000||R11 000||R43 000||R1 095 492||4 years & 5 months||R237 493|
|Elroy||R150 000||R3 960||R84 650||R371 587||15 years & 2 months||R197 622|
|Phineas||R485 000||R13 500||R29 425||R 1 201 467||3 years and 5 months||R178 167|
|Fazlin||R355 000||R9 900||R50 575||R1 217 069 (*)||13 years & 11 months||R514 520|
|Sarah||R300 000||R8 700||R57 625||R473 175||8 years & 2 months||R247 320|
|Laine||R415 000||R13 300||R30 600||R1 028 059||4 years||R177 845|
|Piet||R480 000||R12 500||R35 300||R1 189 081||4 years||R205 282||R1 758 249.00|
BENEFITS TO BANKS & LENDING INSTITUTIONS
When we approached various lending institutions, we were told by many that ‘We do not deal with FLISP, it is a Government Subsidy”, but once we started showing them the benefits of a subsidy paid into a home loan, they soon changed their attitude as the FLISP subsidy, once paid into the bond account, reduces the risks for a bank.
Above-mentioned subsidies would improve and reduce the risk of the Bank/Lender as follows:
|Name(real name withheld)||Bond amount
|FLISP subsidy||% of Loan to Value improvement||Previous exposure|
|Filoe||R473 000||R43 000||9%||100 %|
|Elroy||R150 000||R84 650||56 %||100%|
|Phineas||R485 000||R29 425||6%||100%|
|Fazlin||R355 000||R 50 575||15%||100%|
|Sarah||R 300 000||R 57 625||19%||100%|
|Laine||R415 000||R30 600||7%||100%|
|Piet||R 480 000||R35 300||7%||100%|
Our aim is to save first time home buyers even more.
FOR NEW HOME BUYERS WHO EARN BETWEEN – R3501 – R15 000
To register for a FLISP subsidy application – NB – You must have a prior home loan approval – go to www.flisp.co.za and register.
FOR EXISTING HOME OWNERS WHO EARN BETWEEN – R3501 – R15 000
In the Western Cape we can assist with applications if the owner took transfer not longer than 12 months ago – and in some other provinces they allow a shorter period after transfer. Go to www.flisp.co.za and register.