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Help to buy scheme

Help for First Time Buyers

House in the sandHelp to Buy Scheme for First Time Buyers

First time buyers will now be able to claim a tax rebate equal to 5% of the value of the house they are buying.




How does it work?

A first time buyer can claim a tax rebate of up to €20,000 to help them purchase a new home in Ireland. It is aimed at people who might not be able to afford to put down a big enough deposit in line with Central Bank Mortgage Rules.

Budget 2017

The details of this scheme were announced in the Budget 2017. The scheme is being called the Help to Buy Scheme.
If first time buyers also take out one of the mortgages with 2% cashback, available from some lenders , they could get as much as 7% cashback. There are terms and conditions to this 2% from the lenders and in some cases the interest rate may not be the best on the market. So always seek advice.

Max Rebate

This help to buy scheme will allow first time buyers to get up to 5% of the purchase price of the house back in the form of an income tax rebate. The total rebate will be limited to the total income tax paid over the previous four tax years with the max rebate being €20k. 
If you have paid less than €20k income tax in the past 4 years – the maximum rebate possible will be the amount of tax you paid.

Appling for the scheme

Applicants wishing to apply of this Help to Buy Scheme need to complete the Online Forms 12 (if a PAYE taxpayer) OR Forms 11 (if self-assessed), in respect of each of those four years and they must pay any outstanding taxes due.


The 5% will only apply to houses priced up to €400,000. Buyers are still eligible for a tax rebate on property bought up to €600,000 – but the rebate will be limited to  €20,000.
No rebate will be available on houses bought over €600,000.

New Houses Only

The rebate applies to NEW homes only (Including self build) 
Important: In order to qualify, applicants must take out a mortgage of at least 80% of the purchase price, or in the case of a self -build, at least 80% of the valuation as approved by the mortgage provider. The idea of the tax rebate is that it is supposed to be used towards the deposit. 

Comes into affect

This help to buy scheme will be open to people who signed contracts to purchase their first home on or after 19 July 2016. In the case of a self -build, applicants who drew down the first stage payment of their mortgage on or after 19 July 2016 will also be eligible.  Applications for the Help to Buy scheme are not going to be accepted by Revenue until January 2017.
The Help to Buy scheme is due to run until the end of 2019

Examples of the Tax rebate

Purchase Price             Max Tax Rebate

200,000                          10,000
250,000                          12.500
300,000                          15,000
400,000                          20,000
599,000                          20,000
601,000                            Nil


The property must be occupied by the first-time buyer, or at least one of the first-time buyers in the case of multiple first-time buyers, for a period of five years from the date the property is habitable.

The scheme is not available for buy-to-let properties.

Any questions

Give us a call. We are happy to answer any questons you may have
We can also assess your ability to get a mortgage and how much you can borrow.

Call us today 074 910 3938  Email us

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