The First Home Scheme (FHS) aims to make home ownership achievable for thousands of individuals and families by bridging the gap for first-time buyers and other eligible homebuyers between their deposit and mortgage, and the price of their new home.
Eligibility
To be eligible for the Scheme you must:
- be over 18 years of age
- be a first-time buyer or other eligible homebuyer
- have Mortgage Approval with a Participating Lender
- borrow the maximum amount available to you from one of the Participating Lenders (up to 4 times your income*)
- not be availing of a Macro Prudential Exception (MPE) with a Participating Lender
- have a minimum deposit of 10% of the property purchase price or build cost (for self-builds, equity in your site can contribute to your deposit.)
*there are no specific household income limits required to participate in the FHS.
To be eligible for the Scheme the property must:
- be a qualifying house or apartment OR a Self-build on a privately owned site OR a house or apartment you are currently renting and residing in and now, looking to purchase having received a Notice of Termination from your landlord, as the landlord is putting the property on the market
- be a property in a private development OR on a site in your name in the Republic of Ireland
- be your Principal Private Residence
- be within the local authority property price ceiling for the property type
Funding
How much funding can the FHS provide?
- The First Home Scheme can fund up to 30% of the market value of your new property.
- This amount is reduced to 20% if you are availing of the Help to Buy Scheme.
- The minimum equity share is 2.5% of the property purchase price, or €10,000, whichever is higher.