Help to Buy & First Home Scheme
A guide to the government initiatives currently available
Help to Buy
The Help to Buy (HTB) is an initiative for first time buyers to help with the deposit required to purchase a new home.
The scheme provides a refund of Irish Income Tax and Deposit Interest retention tax paid in Ireland.
Applicants who are eligible for the HTB scheme can claim up to a maximum of €30,000 on new homes that are valued at €500,000 or less. The scheme is running until 31st December 2024.
Mark & Jane's Journey with Help to Buy
Mark and Jane were first time home buyers who purchased a property for €350,000. They had managed to save up €5,000 towards the purchase. Fortunately, they were able to benefit from the Help to Buy scheme, which provided them with an additional €30,000 towards the purchase of their home. With this additional funding, they were able to secure a mortgage for €315,000, which was 90% of the total purchase price. The Help to Buy scheme made it easier for Mark and Jane to get on the property ladder and purchase their first home.
For more information on how to apply visit: How do you apply for HTB? (revenue.ie)
First Home Scheme
First Home Scheme (FHS) It is what’s known as a shared equity scheme. The scheme is designed to help bridge the gap for first time buyers and those eligible between their budget and price of the property.
This means that homebuyers can receive funds from the scheme in return for the FHS taking a percentage ownership in the property purchased.
The minimum equity share is 2.5% of the purchase price or €10,000 whichever is higher.
FHS can fund up to 30% of the market value of the property. If availing of the Help to Buy Scheme the maximum amount available on the FHS is 20%.
Price ceilings apply per local authority area.
John & Aoife's Journey with FHS
John and Aoife, first-time home buyers, overcame a €50,000 shortfall in their €450,000 Dublin property purchase with the help of the First Home scheme. Despite their €87,500 joint salary and €30,000 deposit, their maximum borrowing capacity was €350,000. Fortunately, the scheme provided them with additional funding, enabling them to purchase their first home and start building equity. The First Home scheme played a crucial role in their homeownership journey.
For more information and to check eligibility please visit: