BUSINESS NEWS - The Western Cape Government is driving its model to protect vulnerable homeowners, expanding its strategic housing interventions through a new partnership with Nedbank.

The initiative has already identified 278 Nedbank households facing financial strain, with 48 applications approved to a total value of nearly R6,5 million. 

Overall, the expanded programme is expected to affect 158 bonds and release original title deeds, valued at more than R17 million. 

This builds on the department's successful collaboration with First National Bank (FNB), which has already resulted in 212 bonds cancelled and original title deeds issued to clients.

In his 2026/27 budget speech, Western Cape Minister of Infrastructure Tertuis Simmers issued a call to financial institutions to work with his department on practical solutions for homeowners experiencing financial distress. 

"Nedbank answered that call," says Simmers. "This is government bringing our available housing subsidy instruments to the table, while the private sector identifies qualifying customers."

The initiative utilises two existing provincial housing subsidy programmes: the Individual Housing Subsidy Programme and First Home Finance (formerly known as FLISP).

Nedbank screens customers against prescribed subsidy criteria, and where requirements are met, approved subsidies are applied directly toward outstanding mortgage balances to help families secure unencumbered ownership.

Nozizwe Tshabuse, managing executive of operations, collections and recoveries at Nedbank, says for many families, owning a home is about far more than having a roof over their heads. "It is about dignity, security and having something to pass on to the next generation.

"By helping qualifying homeowners secure unencumbered ownership, we are not simply helping to resolve a financial challenge today; we are helping protect an asset that can become a foundation for generational wealth and a legacy for the future," she says.

Simmers says the participation of a second major bank proves the model can be scaled across the province.

"A housing policy cannot simply end when someone receives the keys to a front door. We must use every lawful mechanism available to protect the security that comes with homeownership. Government cannot solve the housing challenge alone," he says.

Assistance is available to qualifying South African citizens in the Western Cape whose mortgaged property is their first and only home, subject to individual household income criteria and rigorous departmental assessment processes.

The Western Cape Government renews its call to other financial institutions to join this initiative, ensuring that more families can protect their homes, clear their bonds, and secure a lasting generational legacy.

‘We bring you the latest Garden Route, Hessequa, Karoo news’