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FTB Schemes

Help to Buy (HTB)

Source of information correct as of 01/01/2023.

At present the First Time Buyer Schemes all relate to new build properties. There are currently two schemes in place. The Help to Buy scheme is the first one. This is operated by Revenue. You can potentially receive €30,000 back to go towards the deposit of your new home. The HTB Cash Back relates to the tax that you have paid over the previous 4 calendar tax years. Therefore, if you have only paid €5000 in tax, then you will only qualify for €5000 from Revenue (subject to calculation by Revenue). If you have paid €50,000 in tax to Revenue over the most recent 4 calendar years, you will only qualify for €30,000 because that is the maximum allowed (subject to calculation by Revenue). There are other limits in place, too:

Property price cannot exceed €500,000.

The maximum cash back is €30,000 or 10% of the property purchase price, whichever is lower.

The property must be built by a Revenue approved contractor.

This is in place up to December 2024.

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First Home Scheme (FHS)

Source of information correct as of 01/01/2023.

This is the second scheme to help First Time Buyers and was first launched by the Government in 2022. This again relates to new build properties or for renters who wish to purchase the second-hand property that they have been renting. It is a loan that can help fund the gap for you if the mortgage amount that you qualify for plus your deposit (which can include the HTB) is not enough to purchase your new home.
It is essentially a shared equity scheme which means the FHS owns a % of your home. This % shareholding that the FHS owns remains the same even when the value of your home increases and if you do not pay off any of the FHS loan i.e., reduce the % shareholding of the FHS.

Be mindful because there are purchase price limits for different property types in different areas of Ireland.

In order to be able to make a formal application to the First Home Scheme to see if they can support the gap for you, you will need to obtain a mortgage approval from a participating bank first. We work with the leading banks who are participating in this scheme, and we can obtain this for you.

This is their website