John McGuinness TD
Fianna Fáil in Government are tackling the housing crisis and we are doing this with the Housing for All policy. Progress is being made. Housing for All is the most ambitious housing plan in the history of the state with over €4bn per annum in funding.
It sets out a series of measures to deliver 300,000 new homes by 2030 including 90,000 social homes and 54,000 affordable homes.
The plan is already working with home completions, commencements, permissions, home purchases, first time buyers and mortgage drawdowns all up to record levels.
This flyer outlines our latest support scheme, the First Home Scheme, which will help bridge the gap for those who cannot get enough finance to buy a new home.
What is the First Home Scheme?
The First Home Scheme reduces the price of a new home which a buyer has to pay now by up to 30%. It involves the State and participating banks stepping in to bridge the gap between the finance a person has and the finance they need to buy a new home. It is one way in which the Government is helping First Time Buyers and those seeking a fresh start to own their own home.
Take a couple with an income of €70,000, who want to buy a €320,000 home. After putting up a 10pc deposit (up to €30,000 of which can be Help-to-Buy), the most they can borrow is €245,000 (3.5 times income). This leaves a gap of €43,000. The First Home scheme would provide this amount as equity.
work?
How will it
Your deposit Your mortgage First home Income €70,000 Deposit €32,000 €43,000 GAP First home
Borrow €245,000 0612
Who can apply for the First Home scheme?
It will be available to first-time buyers; people who are separated or divorced or whose relationship has ended, or who have undergone insolvency proceedings, who want to buy a newly-built home in a private development anywhere in the country.
How much is being invested in the First Home Scheme?
400M is being invested in the scheme and this will fund the purchase of 8,000 homes over four years. The Scheme is part of “Housing for All”, the new national housing Plan which puts home ownership back at the heart of Government policy. There is a €676m affordability package for 2022 that will also see the first direct build affordable homes delivered in a decade.
Help to Buy also applies here UP
This couple could also benefit from the HelpTo-Buy scheme, which provides tax relief of up to 20pc of the property’s value. So in this case up to €30,000 of their deposit could be from Help-to-Buy.
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When can I apply? All details, including an eligibility calculator, will be on the First Home website
. Applications open
www.fiannafail.ie For more information please visit FirstHomeScheme.ie John McGuinness TD
Office, O’Loughlin Road, Kilkenny, Co. Kilkenny Tel: (056) 77 70672 | 087 2855 834 Email: john@johnmcguinness.ie
www.johnmcguinness.ie Chair of the Finance, Public Expenditure and Reform and Taoiseach Committee and TD for Carlow Kilkenny 0612
FirstHomeScheme.ie
in July 2022.
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