Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Shutterstock
daft mortgage advice

How does the Help To Buy scheme work?

Am I eligible – and where do I apply?

THE HELP TO Buy scheme is a government incentive that was introduced in 2017 to assist first time buyers with a tax refund that could go towards the deposit on a new home.

It is only available for new-build or self-build properties worth €500,000 or less. The scheme offers a tax rebate worth 5% of the property price, up to a maximum of €20,000.

What you’re actually getting is a refund of income tax and DIRT that you’ve paid over the previous four years, so if you are applying for €10,000 you need to have paid at least that much to Revenue during that period.

To qualify for the scheme, you must be buying or building the property to live in as your home for at least five years, not just as an investment.

All individuals purchasing the property must also be first time buyers – so if this is your first home but your partner has bought an apartment in the past, you won’t be eligible for Help To Buy as a couple.

The scheme is currently due to finish at the end of 2019. You can apply online via revenue.ie.

Your Voice
Readers Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel