How to buy property in South Africa

When buying property in South Africa, first-time buyers must understand that the purchase price is not the only cost—additional expenses include transfer duty (a government tax on property transfers, which is waived for properties under 1,210,000 rand) and bond registration fees. Banks assess affordability based on a 30% rule (bond repayment should not exceed 30% of gross monthly income) while also considering credit score, clothing accounts, and car finance. Government assistance programs like First Home Finance (formerly FLISP) provide a once-off subsidy for households earning between 3,501 rand and 22,000 rand monthly, which is a grant that does not need to be repaid.