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7 Benefits Of The Help To Buy Scheme For First-Time Buyers
Since its introduction in 2017, the Help to Buy Scheme for first-time buyers has made a big financial difference to a lot of people. According to data released in November 2024, the incentive has assisted almost 52,000 individuals or couples with buying their own homes.
But what exactly does this scheme entail, and how do you qualify as a first-time buyer?
In this article, we delve into the details of this government initiative and highlight the key benefits to consider.
What is the Help to Buy Scheme for first-time buyers?
The Help to Buy Scheme is specifically designed for first-time buyers, providing valuable support with the deposit required for a newly built home, apartment or self-build.
It offers a tax refund based on your payments over the past four years, which can be put towards your mortgage deposit. In some cases, this rebate can be worth up to €30,000.
The goal of the scheme is simple: to make homeownership more achievable through a clear and accessible system.
How the Help to Buy Scheme for first-time buyers can benefit you
There are a number of ways first-time buyers can benefit from the Help to Buy Scheme.
1. The scheme is designed exclusively for first‑time buyers
The HTB Scheme is aimed solely at genuine first-time buyers who have not previously benefited from housing incentives.
With only 41% of FTBs in a position to afford a deposit, this incentive helps more prospective buyers in this cohort to hop onto the property ladder when the time is right.
2. It significantly boosts your deposit
On the topic of deposits, the initiative can significantly boost your existing savings in this area by reducing how much you need to borrow.
By reclaiming income tax and Deposit Interest Retention Tax (DIRT) you’ve paid over the past four years, HTB provides a cash rebate of either 10% of the property value or up to €30,000 – whichever is the lesser figure.
However, it’s important to note that you must be in a position to pay the deposit up front, as rebates come after you spend the money.
3. Eligibility for the scheme is clear and straightforward
If you’re considering applying for the scheme, the eligibility stipulations are straightforward to understand:
- It must be your first home
- You must be tax compliant
- You are required to secure a mortgage with a participating lender (not all lenders offer HTB mortgages)
- You must use a Revenue‑approved developer or builder in the case of a new build.
4. It can be used in the case of new and self-built properties
While second-hand homes are not eligible for the scheme, it applies to both new and self-built properties.
However, there is a value cap to be aware of.
Whatever type of property you are buying or building, the full open market value (OMV) must not exceed €500,000.
5. The Help to Buy Scheme for first-time buyers works well alongside other incentives
First-time buyers can combine HTB with other government programmes, such as the Local Authority Affordable Purchase Scheme or the First Home Scheme, provided the proposed purchase meets certain criteria.
Doing so has the potential to significantly increase the financial support you receive.
6. HTB offers simple, transparent criteria
Unlike some schemes with complex thresholds, HTB rules are clear and straightforward.
Firstly, the property must be used as your home. Secondly, you must move in within two years and live in the property for at least five years.
Additionally, the rebate is based only on tax paid, and structuring your mortgage to meet HTB rules is straightforward, particularly with the expert support of an experienced mortgage advisor.
7. The scheme has been extended to the end of 2025
The scheme has been extended a number of times since its inception, with the most recent extension taking it up to 31st December 2025.
This provides an extended window for first-time buyers to plan their home purchase, providing more flexibility to act at the right time.
The importance of expert advice
Understanding and applying for incentives such as the Help to Buy Scheme can be daunting for first-time buyers. Securing the help of an experienced mortgage advisor can simplify the process and increase your chances of success.
Explore the Help to Buy Scheme for first-time buyers with guidance from us
At Symmetry Financial Management, our team understands the finer points of Irish mortgage support schemes. When you come to us for advice in this area, we:
- Assess whether you qualify for HTB, and if so, how much rebate you could receive.
- Structure your mortgage to meet HTB’s loan‑to‑value rules.
- Combine HTB with other incentives, where you’re eligible.
- Help you calculate your real deposit needs with and without the scheme.
- Guide you through the application process to ensure compliance with Revenue rules.
With our experienced team by your side, you can confidently plan your first steps into homeownership, knowing you’re getting clear advice and maximising the support available to you.
Looking to learn more? Get in touch today for expert first-time buyer mortgage advice.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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