How initiative helps first-time buyers get on ladder

According to a report, The Government’s help-to-buy scheme is designed to assist first-time buyers in getting a deposit together to buy a new home or build a new house or apartment.

In line with Central Bank rules, new buyers must have a deposit of at least 10pc of the property’s value.

The measure allows buyers to claim a rebate of income tax already paid up to €20,000, depending on the property value.

The rebate can be claimed on properties only up to a value of €500,000, following a recent change.

The property must be a new build, whether purchased or a self-build.

Applicants must be borrowing at least 70pc of the value of the property. First-time buyers can borrow up to 90pc of the value of the property, so the rebate means most new buyers will need a deposit of just 5pc to secure their home.

To qualify for the scheme you must be a first-time buyer, live in the property and be tax-compliant.

You must not have previously bought or built a house or apartment, either on your own or jointly with any other person. If you are buying or building the new property with other people, they must also be first-time buyers, Revenue says.

Since its launch, almost 28,821 first-time buyers have applied for the scheme, but just over 12,000 buyers have successfully claimed the rebate up to May this year, at a cost of €177.5m.

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