Subsidies are available up to R121,000 for those within the ‘gap housing market’, namely households with an income of between R3,501 to R22,000. The subsidy acts as a cash contribution or deposit to supplement an approved home loan and may be used towards the purchase or construction of a property. Funding is calculated on a sliding scale according to the gross income of the first-time home buyer.
The subsidy is paid into the bank or financial institution granting the bond, reducing the home buyer’s monthly loan instalments and making it more affordable to purchase or build a home.
Application criteria and other information can be found at www.mybondfitness.info
Meyer de Waal, director of MDW Inc, said the partnership with LexisNexis is an extension of his years-long commitment to ensuring that property access and property rights are afforded to more people.
“I have been surprised at times of the inadequate knowledge that exists publicly of available funding vehicles for property purchases. I hope that by partnering with a legal powerhouse like LexisNexis South Africa will accelerate awareness and enable more people to fulfil their dreams of property ownership. I also believe that it should be an obligation for conveyancers to alert their clients to opportunities like Flisp.”
LexisNexis sales and marketing director, Mellony Ramalho, agreed that the partnership with MDW Inc would help to address inequalities in home ownership in South Africa.
“This collaboration combines LexisNexis’s rule of law ethos and legal technology expertise with the conveyancing capabilities of MDW Inc, which will ensure that applicants are able to derive the full benefits of property ownership. There is a huge disparity in access to property across our country and the unfortunate reality is that many property transactions occur outside of the protection of the formal legal system. Flisp is one way of addressing this and bringing more people under the umbrella of lawful property ownership,” she said.
Affordability ceiling levels have also declined while bank approvals are rising, enabling more people on the cusp of buying their first home to achieve their dream.
“As LexisNexis, we view this partnership as an extension of our commitment to advancing the Rule of Law. We want to use the Flisp collaboration with MDW Inc to foster transformation of the property sector, by enabling access to funding and empowering communities to have a better understanding of property laws and processes,” she said.
LexisNexis’s purpose globally is to advance the Rule of Law and its portfolio of legal technology solutions includes widely used property data solutions that have transformed the conveyancing profession and are used across the property value chain, from attorneys, to municipalities, financial institutions, property owners, landlords, tenants and buyers. Solutions include Lexis WinDeed, Lexis Agent IQ, Lexis Prop IQ, Lexis Connect, Lexis DocAssembly, Lexis Sign and Lexis Convey.
Flisp applications via LexisNexis and MDW Inc can be registered at www.mybondfitness.info
LexisNexis Legal & Professional is a leading global provider of legal, regulatory and business information and analytics that help customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 160 countries with 10,400 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.
For over 85 years LexisNexis South Africa has been at the forefront of legal content and technology, driven by its commitment to the vision of Enhancing the Potential of the African Continent by Advancing the Rule of Law. With its strong community of legal professionals, it advances the practice of law. Through its corporate solutions, it advances compliance with the law. Finally, LexisNexis partners closely with the government to advance the upholding of the law. Today, LexisNexis South Africa provides the most trusted and credible legal and regulatory content and intelligent, digital platforms. Its corporate solutions guide clients to better decisions, grounded in the latest legislation and regulatory developments. LexisNexis® prides itself on offering unmatched content accuracy together with superior technology. From e-signature to GRC, LexisNexis equips today’s organisation to protect against risk in the most robust way.