Luzuko Pongoma
The high-interest rate is a noose around the necks of the already struggling working-class people. It
further deterred working-class citizens from realizing their dreams of owning property. The
announcement of a 29 percent increase in First Home Finance subsidy by Minister of Human
Settlements, Mmamoloko Kubayi, will assist in curbing the runaway costs of affordability for first-
time home buyers whose household income is between R3501 and R22000. People with this income
struggle to qualify for housing finance referred to as the gap market.
First Home Finance is a once-off housing finance that enables qualifying beneficiaries to buy or build
their first homes on affordable basis. The subsidy has been increased to the maximum of R169 265,
this financial year.
For those living in Gauteng, through its mega human settlements’ projects around the province, the
Gauteng Department of Human Settlements has made it possible for many people to access gap
market houses. These gap market houses are also provided by private developers. With everything
increasing against the working class, a 29 percent increase to benefit people should be taken
advantage of by those who qualify as it will go a long way toward offsetting the consequences of the
high-interest rate.
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