By Selloane Ntshonyane
- Musawenkosi Pondza, a 29-year-old payroll administrator, received about R60,000 through the First Home Finance subsidy to buy a R475,000 home.
- The National Housing Finance Corporation says 6,216 people benefited from the programme last financial year, with nearly R465-million paid out.
Musawenkosi Pondza is 29 years old, works as a payroll administrator, is still studying, and is now a homeowner. A government subsidy made the difference.
Pondza received about R60,000 through the First Home Finance (FHF) programme when he bought a house worth R475,000. He says he is coping “perfectly fine” with the bond repayments. He applied online through a sales agent and says the process was straightforward once he had his documents in order.
“There were no challenges because I submitted all the documents that were required,” he said.
The application took two to three months to approve. Pondza says owning a home has brought him peace of mind, even with the extra costs that come with it.
“Financially it is a bit different because there are costs such as electricity, rates and taxes, but it is easier to relax knowing I have my own property,” he said.
The subsidy has also given him room to keep studying and support his family.
“Without this opportunity, it would have been difficult for me to provide for my loved ones,” he said.
The FHF programme is aimed at people who earn too much to qualify for an RDP house but not enough to buy a home without help. Matthew Sidu, acting executive manager at the National Housing Finance Corporation, says demand has grown. In the last financial year, 6,216 people benefited and R464,972,243 was paid out.
Sidu warned that some people are exploiting vulnerable applicants by charging them money and promising to help them access the subsidy. The programme is free to apply for.
The FHF can also help people buying or building homes through stokvels and other housing finance options.
Pictured above: Musawenkosi Pondza’s new home.
Image source: Supplied
