Brand new €400 million First Home Scheme to Make Home Ownership a Reality for First-Time Buyers
Minister of State and Fianna Fáil TD for Galway East, Anne Rabbitte, has said the First Home Scheme can be a gamechanger for first-time buyers in Galway.
The Fianna Fáil TD said, “The First Home Scheme has the potential to be a real gamechanger for those attempting to get on the property ladder.
“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 can bridge the gap between the price of a home and the current maximum a person or couple can rent depending on their income.
"I know from speaking with constituents across Galway East looking to buy their own home that they are keen to utilise such support, which will help bridge that gap between the funding and mortgage they have and what they need to get their dream home.
“The Help to Buy Scheme (HTB) 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.
“Government are 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.”