The “Help to Buy Scheme” for First Time Buyers of New Houses
*This article was amended on the 28th September 2022 to reflect the the extension of the scheme as part of Budget 2023.
The Help to Buy (HTB) Scheme is an incentive available to first-time buyers of new houses/apartments. You must buy or build the property and live in it as your home to qualify. The Help to Buy Scheme assists in paying the deposit for the house/apartment. It does this by providing a refund of Income Tax and DIRT paid in the previous 4 years. If a couple is buying a property jointly, they can both avail of the scheme to obtain the maximum amount available.
In the Budget for 2021, it was announced that up and until 2021, an enhanced Help to Buy amount would be available providing up to €30,000 for individuals meeting certain criteria. The amount that Revenue will pay is the lesser of the following: 1) €30,000 until 31st December 2021, 2) 10% of the purchase price of the property or 3) a sum equivalent to a person/s Income Tax and DIRT over the last 4 years. It should be noted that the maximum sum Revenue will pay for anyone property irrespective of how many people are buying the property is €30,000 until the 31st December 2020).
Budget 2023 provided that the Help to Buy Scheme for First Time Buyers will continue until the end of 2024 in its current form.
Properties bought between 19 July 2016 and 31 December 2016, must have a purchase price of €600,000 or less to qualify. If you bought your property after 1 January 2017, it must be €500,000 or less to qualify. Second-hand homes are not included in the Help to Buy Scheme.
Learn more about the steps involved with purchasing property. For more information on the above please contact Thomas Norris in our office on 051-840003 or email tom@mwkeller.ie.
