First-Time Buyer? Your First Home Starts Here

As a first-time buyer, you may be eligible for several government supports, including:

• Help to Buy Scheme – Up to a maximum of €30,000 (or 10% of the property price) based on income tax and DIRT paid in the last 4 years toward your deposit if you’re buying a newly built home.
• First Home Scheme – A shared equity scheme that helps bridge the gap between your mortgage and the cost of your new home.
• Affordable Purchase Scheme – Offered by local authorities, this provides newly built homes at a reduced price. The local authority retains a percentage stake in the property corresponding to the discount given.
• Vacant Property Refurbishment Grant – Grants of up to €50,000 are available to renovate vacant homes for use as a principal private residence, increasing to €70,000 if the property is also derelict.
• Derelict Property Grant – This is an extension of the Vacant Property Grant, specifically for properties deemed derelict. It helps cover renovation costs when bringing long-abandoned buildings back into use.

10% is the lowest allowed under Central Bank lending rules. For example, a €250,000 home would require a €25,000 deposit. If you qualify for the Help to Buy Scheme, this can be used as part or all your deposit.

You must provide at least 10% of the agreed purchase price. This can be made up of your savings, the Help to Buy tax refund, or a gift (i.e. from family).

In most cases, you can borrow up to 4 times your gross annual income as a first-time buyer.

For example:

• If you earn €45,000 per year, you could borrow up to €180,000.
• If you’re applying with someone else and your combined income is €80,000, you could borrow up to €320,000.

Exemptions exist where lenders approve a limited number of mortgages at up to 5 times your income.

Some lenders will look at future income by moving you up your salary scale. For example, if you’re on 0.4 of your salary scale, your borrowing power could be based on 0.7 of your salary scale.