The Help To Buy Scheme allows first time buyers to claim back up to 10% (to a maximum of €30,000) in the form of a refund of income tax and DIRT paid over the previous four years. Formerly set at 5%, the new increase was introduced as part of the government’s July Jobs Stimulus package. It’s a temporary measure expected to remain in place until the end of 2020, at which point the scheme will return to 5%.
Update: Budget 2021 sees the Help-To-Buy scheme, including the increase to 10%, extended until the end of 2021.
So no deposit required?
Unfortunately it’s not that simple! While, in theory you can avail of the Help to Buy Scheme and receive the full deposit, you still need to get mortgage approval! Therefore it is strongly advised that you would have a minimum of €5000-€10,000 in regular savings that demonstrates an ability to repay the loan.
The good news is that you can now spend some of those hard earned savings on kitting out your beautiful new home! Here’s some inspiration in the form of our stunning new CGI show house!