First Home Scheme

What it is:

The First Home Scheme is a shared equity scheme available in Ireland. This can allow first time buyers and other eligible homebuyers to receive financial support to buy their new home, with the First Home Scheme taking a percentage ownership in the property in return.

Who it’s for:

To be eligible for the First Home Scheme, you must meet the following criteria:

Be over 18 years of age.
Be a first-time buyer or another eligible homebuyer.
Have mortgage approval with a Participating Lender (for example this could be a bank).
Borrow the maximum amount available from one of the Participating Lenders, which is up to 4 times your income.
Not 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 First Home Scheme.

How it works:

The First Home Scheme provides financial support to eligible homebuyers in return for a percentage ownership in the property.
Homebuyers must be approved for a mortgage with a participating lender and meet specific eligibility criteria.
The property must meet certain requirements, it must be the home that you will live in (Principal Private Residence) and must be within the value of the local authority property price ceiling.
Funding provided by the First Home Scheme is determined based on your individual circumstances and eligibility criteria.
The property must be a qualifying house or apartment, a self-build on a privately owned site, or a property you are currently renting and living in, that you are now looking to purchase because you have received a Notice of Termination from your landlord.

For more information visit the First Home Scheme.

Other Considerations

Homebuyers can use an eligibility calculator to determine if they qualify for First Home Scheme support.