A Tipperary government TD believes the First Home Scheme is a game changer for first-time buyers.
The scheme is one of a number of government actions designed to address the housing crisis.
First Home is a Government-backed shared equity scheme which will see the state provide part of the price of a new home alongside the buyer’s mortgage and deposit.
This support can bridge the gap between the price of a home and the current maximum a person or couple can afford depending on their income.
The Help to Buy Scheme can also be used alongside this scheme and could provide 20% of the price of the property going towards the buyer’s deposit. The maximum stake the state can take as equity under the First Home Scheme is 30% without the HTB, and 20% if the HTB is being used.
The scheme is available to first-time buyers and also gives fresh start exceptions to those who may have previously purchased a property if they have separated or experienced insolvency.
Applications can be made today online at www.firsthomescheme.ie. The First Home Scheme application process runs in parallel with the mortgage application process.
The scheme is available initially to First-Time Buyers and other qualifying homebuyers who are taking out mortgages from AIB (including its EBS and Haven Mortgages businesses), Bank of Ireland or Permanent TSB. Other lenders may join the scheme in the coming months.
The scheme is making €400 million available in its first phase, to facilitate the purchase of up to 8,000 homes over a 5-year period, subject to demand.