I don’t have a deposit so I can’t buy a property

The truth is that you don’t need a deposit to buy a property.

SA banks assists first time home owners with 104% JUMPSTART LOANS

Often buyers have a misconception that they need to save up for a deposit in order to purchase a property.  The truth is that you can obtain a 100% mortgage loan and don’t need to pay a deposit.  This is very helpful for the first time home purchaser. 

Currently, two incentives exist:

  • 104% Jumpstart loans
  • FLISP housing subsidies for earners of R22000 per month or less 

Jumpstart home loans offer 104% mortgages for first - time buyers.

Jumpstart loans give first-time home buyers the opportunity to buy a home with 100% bond and an extra 4% for the associated fees.  This is available for properties up to R1.8 mil.

Qualifying Criteria:

  • You cannot have purchased a property before.
  • A maximum of R 1.8  Million loan.
  • Single or joint income must be R6000 pm or more.
  • The applicant must older than 21 years

FLISP Finance Linked Individual Subsidy Programme (FLISP) 

The FLISP programme provides first-time home owners with a housing subsidy to help them buy a home. The subsidy is aimed at making home ownership more affordable for low to medium-level earners.  The subsidy, once approved, is deposited directly to the financial institution that has granted the home loan.  The result is a reduction in the monthly loan repayments and the subsidy does not need to be paid back.

Qualifying Criteria:

  • You are a South African citizen or have permanent residency in South Africa.
  • You earn an income between R 3501 to R 22000 per month.
  • You have not received a government housing subsidy before.
  • You have not owned fixed residential property before.
  • You are over 18 years.
  • You are married or cohabiting, or single with financial dependents.
  • You have a bank-approved home loan.

The FLISP subsidy can be used for the following three options:

  • You can buy an existing property.
  • You can buy a serviced residential plot, that has a house-building contracted over it, with a registered NHBRC builder.  
  • You can use it to construct a new house through a contractor registered by the NHBRC.  The new build needs to be on a serviced residential plot that you already own.

How it works

The subsidy works on a sliding scale depending on your income.  It ranges from the household income of R 3 501 to R 22 000 qualifying between R 121 626 and R 27 960 respectively. 

Below is the link to the table outlining various income to subsidy amounts.


Final steps 

After you have your bank-approved home loan, a FLISP application can be discussed with the selling agent or the lending financial institution.

See the link to the FLISP application form below

More information can be found at the Department of Human Settlements, or your nearest municipality.

You can also apply for the subsidy if the property was registered in the past 12 months.  Unfortunately, applications after this window period are currently not considered.

Link to the Western Cape FLISP brochure:


Link to the FLISP application form: Download the FLISP Application Form. 

Wallett and Finch buyers agents can assist first-time buyers through the purchasing process to obtaining a loan and applying for a FLISP subsidy. 

This is a free service offered to buyers.

Contact us to book a free consultation with a buyer's agent.


021 012 5816


072 241 0001