The First Home Scheme is great incentive for first-time buyers. It aims to bridge the gap between their deposit, their maximum approved mortgage and the price of the property they would like to purchase.
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If you qualify and avail of the First Home Scheme, the State and participating lenders will provide up to 30% of the market value of your new home, in return for the same percentage share in equity of the property. This is reduced to 20% if you are also availing of the Help to Buy Scheme.
The amount of funding that you may qualify for depends on where your new home is located and whether it’s a house or an apartment.
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Now that you know how it works, here’s an example of the First Home Scheme in action. Let’s imagine you and your partner have found your dream house worth €400,000 and have a combined salary of €60,000. With a contribution of €120,000 (30% of the home’s value) from the First Home scheme, you would need a cash deposit of €40,000.
Stretched out over the next 35 years at an interest rate of 4%, your monthly mortgage repayment will come in at approximately €1,063.
Prices and figures could change based on individual circumstances and eligibility criteria. All figures are for illustrative purposes only.
Your new Glenveagh home can be more affordable and achievable thanks to the Government schemes available to you.
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