Help to Buy Scheme

Help to Buy Scheme

What it is:

The Help to Buy Scheme is designed to assist first-time homebuyers with financial support with the deposit needed to buy or build a new house or apartment. It offers refunds on Irish Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland, from the four tax years before the application to eligible individuals.

Who it’s for:

The Help To Buy scheme is for people who meet specific criteria:

  • You are a first-time buyer
  • You will buy a new property or self-build property between 1 January 2017 and 31 December 2025. This has now been extended in Budget 2025 to 31st December 2029.
  • You will live in the property for at least five years.
  • You will comply with tax regulations and, if needed have a tax clearance certificate.
  • You are approved for a mortgage from a qualifying bank, for at least 70% of the property’s value or approved valuation.

How it works:

  1. Qualifying Property: The property must be newly built, subject to VAT in Ireland, and never used or suitable for residential use before.
  2. Mortgage: You must secure a mortgage from a qualifying lender, covering at least 70% of the property’s purchase value or approved valuation.
  3. Shared Equity Schemes: There are other schemes available which you can use with the Help to Buy Schemes. Some of these schemes may affect the loan-to-value ratio calculation. This includes the Local Authority Affordable Purchase Scheme.
  4. Claim Amount: The amount you can claim depends on when you sign the contract or draw down the mortgage for self-builds. An enhanced Help to Buy scheme offers increased relief up to a maximum of €30,000 until 31 December 2025.
  5. Refund Payment: If you are buying a newly built property, the money is paid to the contractor; if you are building your own property, it goes to your bank account that your mortgage will be with.
  6. Application Process:
    • Register for an account online with Revenue on either myAccount or ROS.
    • Pay any outstanding tax and obtain a Tax Clearance Certificate if necessary.
    • Submit an Income Tax Return for the years that you want to claim a refund.
    • Select the years for the refund. This can be within the four years before your application.
    • Apply online through myAccount or ROS.
    • You will receive an Application Number, Access Code, and the potential maximum claim amount.
    • Make the claim once approved, providing the required documents and confirming details about the property, mortgage, and deposit.
  7. Verification: Information provided is verified by the contractor (for purchase) or solicitor (for self-build) before the refund will be given.

Clawback: Revenue can reclaim the money they gave you if you do not meet the conditions of the scheme, for example not living in the property for five years or failing to complete the purchase or building of the property.

More information on the Help to Buy Scheme.

The Help to Buy Scheme aims to make home ownership more accessible for first-time buyers. It provides financial assistance and support throughout the application process. For detailed information, please see the official resources on the Revenue website and talk to qualified professionals if needed.


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