Selling from R649k to homebuyers qualifying for a bond – Also available for first time buyers getting the benefits of the Government Subsidy programme (FLISP)
The quality of the construction and superior standard of finishes are what stands out in the first 16 houses of the first phase of bonded development at Greenville Garden City in Fisantekraal.
“We are proud to be associated with the marketing of these houses, developed by Garden Cities, one of the oldest and most reputable property developers in the Western Cape.
What really stands out are the quality and superior finishes,” says Meyer de Waal of MDW INC.
The houses in the first phase comprise of three sizes, 47sqm, 56sqm and 64sqm, with two or three bedrooms, and are priced at R649 000.00, R720 000.00 and R800 000.00 respectively.
These homes are now completed and ready for occupation with a few houses left to buy.
All costs of transfer and bond registration are included in the purchase price, making it even more accessible to own your own home.
The houses are now available to all buyers that can raise a home loan to purchase or buy as a cash purchase and excellent value to buy as an investment property or for buyers who want to scale down.
SAVE THOUSANDS WHEN YOU BUY
One particularly attractive opportunity for first time buyers, earning a combined household income of between R 3 501.00 to R 22 000.00 and who are able to raise a bond from a financial institution, is that they can save thousands of Rands when they make use of the available Government Finance Linked Subsidy Programme (FLISP).
The MDW INC sales team will assist with the FLISP application as well as explain how it works.
Garden Cities completed the show house for the new phase, where the sales team will be based, to assist walk-in clients from the local community and the surrounding areas as well as pre-qualified home loan buyers.
Following phases will be dependent on the need and affordability of the interested applicants.
Greenville is an integrated development combining people from all walks of life, and is a prime example of a human settlement where provision is made across the spectrum for economic and affordable housing, and also makes room for middle to higher income homeowners.
QUALITY OF FINISHINGS
The bonded houses at Greenville offer excellent value in terms of accommodation, erf size, fixtures and fittings.
Among the items included in the sale are counter-top hobs in the kitchen and built-in ovens.
A choice of carpeting or floor covering is also offered in the living areas and bedrooms. Bathrooms are well-equipped, with the further cost-effective advantage of gas geysers.
All homes have off-street parking and walled back gardens. Landscaping will be for the own account of each home owner.
At Greenville, the core components of the facilities that are a usual part of a Garden Cities suburb are well advanced. Sports and cultural facilities are also high on the agenda for joint ventures with specialists in this field. Open, planted and landscape spaces are a vital feature in the town planning.
FAST TRACKING THE HOME BUYING PROCESS & SETTING THE TREND
We realized that home buyers first want to establish the home loan they can qualify for as quickly as possible, but at the same time reduce the amount of paperwork to complete and fill in forms. They also do not want to visit their banks to obtain copies of bank statements that is required for a home loan application process.
“Setting the trend on how to buy a property during COVID times, we developed a free online process for each aspiring buyer to check what home loan the home buyer may qualify for,” says De Waal.
A buyer can also complete a “Buyer’s Profile” on the online system and upload important supporting documents such as a copy of an own identity document, proof of income and a residential address.
HOME LOAN INDICATOR CERTIFCATE ISSUED
Once the online process is completed, the home buyer will receive a certificate issued to indicate the home loan the buyer may qualify for, and this will assist the buyer and the MDW INC sales team to match the available 2 or 3 bedroomed house with the affordability of the buyer.
If the buyer is a first-time buyer who may qualify for a FLISP subsidy, then a FLISP Voucher will also be issued to the buyer.
The FLISP subsidy can be used as a deposit to purchase the property and can either be used to reduce the home loan required or be added to the maximum home loan the buyer may qualify for and improve the purchase power of the buyer.
REDUCE THE HOME LOAN AMOUNT WITH A FLISP SUBSIDY
If a buyer earns R 16 800.00 per month, then the buyer may qualify for a home loan of R649 000.00, repayable over 20 years, calculated at the current prime lending rate of 7 %.
The home loan repayment will be R 5 031.00 per month.
As a first-time buyer, such buyer may qualify for a FLISP subsidy of R 52 938.00.
This means that if the FLISP subsidy of R 52 938.00 is paid into the home loan of R 649 000.00, then the home loan is reduced to R596 062.00.
The repayment on a home loan of R596 062.00 over 20 years at the current prime rate of 7% will be R4 621.00 per month, thus saving the first-time buyer R410.00 per month.
Over a 20-year home loan repayment, this means a saving of R98 400.00 for a first-time buyer.
INCREASE THE PURCHASE AMOUNT WITH A FLISP SUBSIDY
If a first-time buyer with an excellent credit score qualifies for a maximum home loan of R649 000.00, based on an income of R 14 400.00 and stretched over a payment period of 30 years at an interest rate of 7%, then the same first-time buyer may qualify for a FLISP subsidy of R65 427.00.
The monthly home loan repayment over the 30-year repayment period will be R 4 318.00.
“If one then adds the home loan of R649 000.00 with the subsidy of R 65 427.00, the first-time buyer may have a purchase power of R 714 427.00 and only needs to contribute R 5 573.00 of his/her own funds to meet the purchase price of the R720 000.00 house,” says De Waal.
BRINGING THE HOME AND VIEVING TO YOU
Home buyers can first view the house online before the set up an appointment to view the house.
We created a virtual reality tour viewing for the showhouse, says de Waal.
For a Greenville virtual reality tour – click here
To get more information on each house, go to:
Greenville 2 bedroomed house – selling for R649 000 – Click here
Greenville 2 bedroomed house – selling for R720 000.00 – Click here
Greenville 3 bedroomed house – selling for R800 000.00 – Click here
DO YOUR OWN FREE & ONLINE HOME LOAN PRE-QUALIFICATION & GET A FLISP VOUCHER
Visit the Greenville Finance Home Finance online platform to do an own affordability calculation and if you are a first-time buyer – get your FLISP Voucher for the FLISP subsidy that you may qualify for.
Go to https://gc.mybondfitness.co.za to do your own free home loan bond indicator.
Information on the houses, as well as the buying options can be obtained from the Sales Team: Amanda Crawford, Anele Matakane and Francois du Toit.
Website : https://gardencities.co.za/greenville/
Their office number is 021 461 0065
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)