New figures show that 8,400 buyers were approved under First Home Scheme since it was launched in July 2022.<\/p>\n
Some 4,118 of the people who were approved have gone on to buy homes using the scheme.<\/p>\n
The First Home Scheme is a \u20ac740m fund set up to help first-time buyers bridge the gap between their mortgage, deposit and the price of a new home.<\/p>\n
In the July to September period 794 buyers were approved and 425 homes were bought or built using scheme, it said.<\/p>\n
The average purchase price for homes purchased, or build cost for homes built, using the scheme is \u20ac387,000.<\/p>\n
The average support being provided by the First Home Scheme is \u20ac66,000.<\/p>\n
This 17pc of the average purchase price.<\/p>\n
The First Home Scheme said it has provided over \u20ac273m in support to people who have bought or self-built their homes using the Scheme.<\/p>\n
A total of over 19,200 potential buyers or self-builders have registered their interest in using it.<\/p>\n
Three out of four of the approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining number spread across the remaining 21 counties throughout Ireland.<\/p>\n
First Home Scheme chief executive Michael Broderick said the latest numbers show continued strong interest in the scheme.<\/p>\n
He said it was noteworthy that two-thirds of scheme users are combining it with the benefits available from the Help to Buy scheme.<\/p>\n
\u201cBy combining both schemes, these buyers are able to access additional financial support, allowing them to assemble the necessary deposit while also bridging the funding gap between their mortgage and the price of the new home.<\/p>\n
\u201cThis dual approach places participants in a stronger position to achieve their goal of owning their own home,\u201d Mr Broderick said.<\/p>\n
It only applies to new properties, \u00adincluding self-builds and apartments.<\/p>\n
Under the scheme, the State provides an interest-free equity for a six-year \u00adperiod for a stake of up to 30pc in the home.<\/p>\n
There are maximum property-price ceilings for each local auth\u00adority area.<\/p>\n
The scheme is a joint venture between the State and three banks \u2013 currently AIB (including subsidiaries EBS and Haven), Bank of Ireland and PTSB \u2013 and remains open to other authorised mortgage lenders in the Irish market joining it.<\/p>\n
Housing minister James Browne TD, said the Government believes in home ownership and \u201cis taking concrete steps to support home ownership\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"New figures show that 8,400 buyers were approved under First Home Scheme since it was launched in July…\n","protected":false},"author":2,"featured_media":119149,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,2107,18,19,17,2108],"class_list":{"0":"post-119148","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-charlie-weston","10":"tag-eire","11":"tag-ie","12":"tag-ireland","13":"tag-money-experts"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/119148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=119148"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/119148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/119149"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=119148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=119148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=119148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}