First Home Scheme

The First Home Scheme is a government initiative launched in 2022 to assist first-time buyers and other eligible purchasers in securing a new home.

Eligibility:

• First-time buyers or other eligible homebuyers.
• Applicants must be purchasing a newly built home or a self build home or a house/apartment that you are currently renting and are looking to buy as the landlord is putting the property up for sale.
• You must have Mortgage Approval with a participating Lender.
• You will need to have a minimum of 10% Deposit of the Property Purchase.

Financials:

• The scheme offers a shared equity loan where the government contributes up to 30% of the property’s purchase price or build cost for Self Builds.
• This amount is reduced to 20% if you are availing of the Help to Buy Scheme.
• The loan is interest-free for the first five years, with repayments beginning after this period.

Property Price Limits:

There are set maximum price limits based on location (e.g., €425,000 in Kildare), and the property must be within these ranges to qualify for the scheme.

Application Process:

Applicants can apply by going to the website www.firsthomescheme.ie