These are some of the support schemes that are available to first time home buyers in Ireland
1) Help to buy scheme
The Help to Buy scheme provides tax refunds of up to €30,000, or 10% of the purchase price of a property (whichever is less) for homes priced at €500,000 or less. It can also be used towards the cost of a newly built home, including a self-build property.
2) Tax Rebate
To be eligible for this scheme, you must have paid the equivalent amount in either income tax or DIRT, or both, in the four years leading up the claim. If there are two parties involved in the purchase of the property, they will only qualify if neither has previously bought or built a property. The money can be put towards the deposit for the house.
3) Shared equity
The state takes an equity share of up to 20% (or 30% in some limited circumstances) of the value of a newly built home with the buyer taking out a mortgage to cover the rest of the purchase. This is aimed at buyers who are unable to get a mortgage to cover the full price of a property.
4) Rebuilding Ireland Home Loan
This is a government-backed mortgage for first-time buyers who have been refused a mortgage – or couldn’t get sufficient finance – from at least two lenders. Successful applicants can borrow up to 90% of the market value of the property. Loans are offered at reduced interest rates – fixed for up to 30 years – which can be used to buy new and second-hand properties, or to build a home.
5) Mortgage Allowance Scheme
This scheme is available to social housing tenants who wish to buy or build their own home. It offers an allowance of €11,450 which is payable over 5 years. The payments go towards reducing mortgage repayments over those years. To be eligible for this scheme, the applicant must live in the property for the entire 5-year period of the allowance.
For more advice on buying your first home, email reception@paulomalley.net or call 094 9024119.
