First time buyers get 66k on average from First Home Scheme

"The First Home Scheme is a €740m fund set up to help first-time buyers bridge the gap between their mortgage, deposit and the price of a new home. In the July to September period 794 buyers were approved and 425 homes were bought or built using scheme, it said. The average purchase price for homes purchased, or build cost for homes built, using the scheme is €387,000. The average support being provided by the First Home Scheme is €66,000."

"He said it was noteworthy that two-thirds of scheme users are combining it with the benefits available from the Help to Buy scheme. "By combining both schemes, these buyers are able to access additional financial support, allowing them to assemble the necessary deposit while also bridging the funding gap between their mortgage and the price of the new home. "This dual approach places participants in a stronger position to achieve their goal of owning their own home," Mr Broderick said."

Since July 2022, 8,400 buyers have been approved under the First Home Scheme and 4,118 have used it to buy homes. The scheme is a €740m fund to help first-time buyers bridge the gap between mortgage, deposit and the price of a new home. Average purchase or build cost for supported homes is €387,000 with average support of €66,000, about 17% of the price. The scheme has provided over €273m in support and has 19,200 registered interests. Three-quarters of approvals are in Dublin, Cork, Kildare, Meath and Wicklow. The State provides interest-free equity for six years for stakes up to 30%.

Read at Irish Independent