Buying Schemes
First-time buyers can access various schemes to make homeownership more affordable, such as Help to Buy, where you can get up to €30,000 for a deposit.
Other programs include the First Home Scheme where the Government of Ireland, in partnership with Participating Lenders, provides a Shared Equity Scheme to help bridge the gap between your deposit, mortgage, and the cost of your new home.
Help to Buy Scheme
The Help to Buy (HTB) scheme is an incentive for first-time buyers to help with their deposit for purchasing or self-building a new home. Those availing of the scheme must purchase or self-build the property to live in as their home. Those who meet the required conditions will receive a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland.
The refund will be from the four tax years prior to when the person made their application.
Under changes made to the scheme in 2020, the maximum payment is €30,000 under the enhanced relief. The cap applies per property rather than per applicant regardless of how many people enter a contract.
The First Home Scheme
The First Home Scheme (FHS) makes home ownership achievable by bridging the gap for first-time buyers and other eligible homebuyers between their deposit and mortgage, and the price of their new home.
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It is what’s known as a shared equity scheme. This means that homebuyers can receive funds from the Scheme in return for the FHS taking a percentage ownership in the property.