26 Sept 2022

First Home Scheme a game changer for first time buyers claims Laois Minister

Financial advice: Buying a house with no savings


The new First Home Scheme can be a 'gamechanger' for first-time buyers especially in Laois, Minister of State Seán Fleming has claimed.

The TD believes this will be the impact for many working people in Laois on low to middle incomes.  In Laois, he claimed it will specifically help individuals or couples with joint annual incomes of €60,000 or above to purchase and own their own home where the price is under €300,000.

He explained how it works.

“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 buyers mortgage and deposit.  This can bridge the gap between the price of a home and the current maximum a person or couple can borrow depending on their income.

“The existing Help to Buy Scheme (HTB) can also be used alongside this new scheme and could provide 10% of the price of the property towards the buyer’s deposit.  The HTB Scheme is where you can get a refund of the Income Tax you paid over the previous four years and to use it as a deposit for your new house.  “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,” said the Fianna Fáil TD. 

He provided the table below which he said is how the scheme would work.

Minister Fleming added that 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.

He said other lenders may join the scheme in the coming months. 

He statement concluded that the Government is working under the Housing For All plan to make homeownership a reality for everyone and this scheme is proof of momentum building behind the Housing For All programme.

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