Help to Buy Scheme

Are you a First Time Buyer? If so, you might be interested in the Help To Buy Scheme. Take a look at the information below. 

The Help to Buy Scheme is designed to help first-time buyers of newly built homes to put together the required deposit. It provides a refund of income tax and Deposit Interest Retention Tax (DIRT) paid over the last 4 years.

You must be fully tax compliant in respect of the 4 years immediately prior to your claim. Any outstanding taxes for those years must be paid. If you are self assessed you must also have tax clearance.

If you are a first time buyer who buys or self builds, you might be entitled.

If you have signed a contract to buy a property before 19 July 2016, you will not qualify for this incentive. Likewise, if you are self building, you must have drawn down the first part of the mortgage on or after that date. The property must never have been used or have been suitable to use as a residential home. The incentive is not available for existing properties.  

If you are buying or building the property with someone else, they must also be a first time buyer. You will not qualify for the incentive if you have bought or built a property in the past either individually or jointly with someone else.

Cash buyers and investment properties do not qualify.

The contractor you are purchasing from must be approved by Revenue. You can check the Revenue’s list of approved developers and contractor on their website.

You must take out a mortgage of at least 70% of the purchase price. This loan must only be used for buying or building the property. 

The scheme only applies to properties costing €500,000 or less. The amount you can claim depends on the purchase price or valuation. You can claim up to 5% of the purchase price or completion valuation. The rebate you claim will depend on the Income Tax and DIRT that you paid in the 4 years prior to your purchase of build. For instance, you cannot claim a tax rebate of €20,000 if you have only paid €7,000 in Income Tax and DIRT in the previous 4 years. The amount can be no higher that €20,000, even if your property is valued at €500,000.

You must also occupy the property for 5 years from the date that it is habitable.

The tax rebate will be taken into consideration when calculating your deposit. It will be paid to the vendor once it has been approved by Revenue. You will then pay them the balance of the deposit to secure the house.

To apply for the Help to Buy Scheme, go to for more information.

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