The Mill Park housing project is the Deferred Ownership Pilot Project being developed in Bredasdorp, by the Cape Agulhas Municipality. Deferred Ownership is also known as 'Rent-to-Own' or ‘Rent-to-Buy’. The project is part of the Finance Linked Individual Subsidy Programme (FLISP) where households with an income between R3 501 to R22 000 per month may qualify for the FLISP subsidy if they meet the relevant criteria.
If, as a prospective purchaser, you are considered creditworthy, you will be assisted to apply for a mortgage bond and a FLISP subsidy to buy your first home.
If you are not able to qualify for a mortgage bond due to your credit score, you can register for the ‘Rent-to-Own’ option. This will allow you as a prospective home-buyer to rent a new house for 24 months, after which you will have the option to purchase the property. If your credit score is too low, you may not qualify immediately and first have the opportunity to improve your credit score and affordability.
The ‘Rent-to-Own’ option includes a support programme that will assist you to improve your creditworthiness during the rental period. Once your credit score has improved adequately, you will be assisted to apply for a mortgage bond and a FLISP subsidy for purchasing your new home.
Sign up now and take advantage of this great opportunity!