The First Home Scheme
The First Home Scheme (FHS) is designed to assist first-time buyers in purchasing newly built homes and apartments in Ireland.
Launched in July 2022, this scheme uses an equity share model to help buyers who cannot fully secure the necessary mortgage amount. The First Home Scheme is a €680 million fund created to bridge the gap between a buyer’s mortgage, deposit, and the price of a new home, as part of the Government’s Housing for All strategy.
The scheme is a collaboration between the State and three banks: AIB (including subsidiaries EBS and Haven), BOI, and PTSB. Other authorised mortgage lenders in the Irish market may also join the scheme.
For more information, visit www.firsthomescheme.ie.
The Help to Buy Scheme
The Help to Buy Scheme (HTB) offers a grant to first-time buyers of new homes.
This scheme provides a refund of tax paid over the previous four years, up to a maximum of €30,000 or 10% of the purchase price of the new home—whichever is lower.
Since its inception, the scheme has helped over 50,000 individuals secure homeownership. Although often seen as a demand-side initiative, it also boosts the supply side by encouraging builders to increase housing delivery. Given the rising costs of construction, inflation, and the escalating prices in the Greater Dublin Area, there are discussions about increasing the scheme’s current threshold from €500,000 to €600,000, or a similar figure.
To start your application or learn more, visit revenue.ie.
AFFORDABLE HOUSING SCHEME
The Affordable Housing Scheme is another option for first-time buyers of new homes.
Through this scheme, local authorities offer homes at reduced prices to buyers who need help bridging the gap between their mortgage and deposit to afford the full price of a new home.
These homes are typically built on land owned by the Council, with advance purchases from private developments. The scheme provides an equity facility, where buyers enter into an Affordable Dwelling Purchase Agreement with the local authority. In exchange for the funds, the local authority takes a percentage ownership in the property, known as the equity share.
For more information, visit https://affordablehomes.ie.
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