First Time Buyer Help Available:
Own your New Home with a €5,000 deposit!
If you are embarking onto the first step of the property ladder, help is available to make the process easier for you.
The Help-To-Buy Scheme: How It Works And Why It Can Benefit You
The Help to Buy Scheme allows first time buyers to claim up to a maximum of €30,000 for a newly built property.
How It Works
The funds will go towards your deposit:
- You can get up to €30,000
- The Help to Buy (HTB) scheme is an incentive for first-time buyers of newly built homes. It will help you with the deposit you need to purchase a new-build house or apartment.
Here’s an example:
- Purchase Price €350,000
- Help to Buy Rebate €30,000*
- Deposit Required €5,000
*Subject to being approved the full €30,000.
First Home Scheme
The First Home Scheme (FHS) aims to make home ownership achievable for thousands of individuals and families by bridging the gap for first-time buyers and other eligible homebuyers between their deposit and mortgage, and the price of their new home.
*If you are availing of the Help to Buy Scheme (HTB), the maximum amount that you may be eligible for from the First Home Scheme will be 20% of the cost of your new home.
Eligibility
To be eligible for the Scheme you must:
- be over 18 years of age
- be a first-time buyer or other eligible homebuyer
- have Mortgage Approval with a Participating Lender
- borrow the maximum amount available to you from one of the Participating Lenders (up to 4 times your income*)
- not be availing of a Macro Prudential Exception (MPE) with a Participating Lender
- have a minimum deposit of 10% of the property purchase price or build cost (for self-builds, equity in your site can contribute to your deposit.)
*There are no specific household income limits required to participate in the FHS.
Eligibility: The Property
To be eligible for the Scheme the property must:
- be a qualifying house or apartment OR a Self-build on a privately owned site OR a house or apartment you are currently renting and residing in and now, looking to purchase having received a Notice of Termination from your landlord, as the landlord is putting the property on the market
- be a property in a private development OR on a site in your name in the Republic of Ireland
- be your Principal Private Residence
- be within the local authority property price ceiling for the property type
