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The scheme is open to first-time buyers of newly built houses and apartments. Alamy Stock Photo

Government's €400 million shared equity scheme for first-time buyers now open for applications

The scheme aims to help people secure a home by providing part of the purchase price of the dwelling in return for a minority equity stake.

A €400 MILLION scheme to help first-time buyers afford newly built homes has opened for applications.

The ‘First Home’ shared equity scheme is one of the key pillars in the government’s Housing for All plan.

It aims to help people secure a home by providing part of the purchase price of the dwelling in return for a minority equity stake.

The maximum stake the scheme will take is 20%, if the buyer is also availing of the Government’s separate Help to Buy scheme, and 30% if Help to Buy is not used.

The equity stake is free for the first five years followed by a cheap interest rate thereafter.

The scheme is open to first-time buyers of newly built houses and apartments in private developments anywhere in Ireland.

It is planned that the €400 million scheme will facilitate the purchase of up to 8,000 homes over a five-year period.

To secure the funding applicants will have to borrow the maximum mortgage amount available to them from the participating lenders.

The scheme is currently open to customers of AIB, including their EBS and Haven mortgage businesses, Bank of Ireland and Permanent TSB. Other mortgage providers may join up in the coming months.

The Central Bank cleared the way for banks to take part in the scheme last November but warned that, in the short term, the plan could increase house prices.

Sinn Féin has also been critical of the scheme, also saying it would lead to rising house prices. It previously tabled motions calling for the scheme to be scrapped.

Housing minister Darragh O’Brien said the scheme will “literally open the door for many first-time buyers.”

“This scheme we are launching today will support first-time buyers and those seeking a fresh start by helping to bridge the gap between what they can afford and the price of the home they wish to purchase.

“It will make new homes more affordable and easier to access for first-time buyers, helping them get their foot on that crucial first rung of the property ladder. It will encourage the increased development of new build homes.

“This Government is working to give young and not so young people a real chance to buy their own home. Today’s announcement is another step in that direction,” O’Brien concluded.

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    Mute Mick McGuinness
    Favourite Mick McGuinness
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    Sep 1st 2015, 8:40 PM

    Congratulations and all the best in school and future “Little Dancer”

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    Mute Derry Buckley
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    Sep 1st 2015, 8:47 PM

    somthing bloody positive. great news to hear.

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    Mute Walter Smith
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    Sep 1st 2015, 8:49 PM

    Best thing I have read all day.

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    Mute Kerry Blake
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    Sep 1st 2015, 8:43 PM

    Good on that Girl. Well done young lady. Respect!

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    Mute Sinead Treacy
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    Sep 1st 2015, 8:47 PM

    A wonderful day for the family and one I’m sure they daren’t wish to hope for in 2012. Wishing Lily Mae lots of fun in school, boy she deserves it

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    Mute Ros Aodha
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    Sep 1st 2015, 8:45 PM

    congratulations!

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    Mute Mick McGuinness
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    Sep 1st 2015, 8:40 PM

    Tiny Dancer

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    Mute Sean Carraher
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    Sep 1st 2015, 9:03 PM

    Lily MaeI hope you had a great day in school.and I’m sure you will make loads of new friends and I wish you a very happy journey. I loved all my Teachers and I hope you see them as friends also as you go through these exciting years ahead.

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    Mute John Killeen
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    Sep 1st 2015, 8:57 PM

    Beautiful She’s a real fighter.

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    Mute Declan Byrne
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    Sep 1st 2015, 9:07 PM

    So happy for this little girl and I hope she has the best childhood possible.

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    Mute Deborah Behan
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    Sep 1st 2015, 9:13 PM

    Well done Lilly Mae, have a great time in school and learn lots. It’s fun!

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    Mute TommyHaze
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    Sep 1st 2015, 9:15 PM

    The children of the nation are our real inspiration.

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    Mute caimin
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    Sep 1st 2015, 9:42 PM

    I wouldn’t bet against that girl in any walk of like. What a champ.

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    Mute catherine
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    Sep 1st 2015, 9:58 PM

    Beautiful strong little girl! Congratulations to the whole family on a wonderful day!

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    Mute KerryBlueMike
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    Sep 1st 2015, 11:12 PM

    Lol! The red thumber must have gone out to put the kettle on

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    Mute Mary Murphy
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    Sep 1st 2015, 9:47 PM

    Whoohoo Lily Mae. Enjoy school and mostly have fun. x

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    Mute Fran Cowzer
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    Sep 1st 2015, 9:48 PM

    absolutely fabulous news really uplifting without bringing the mood down what’s with the red thumbs for good wishes disturbing to say the least

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    Mute Daisy Chainsaw
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    Sep 2nd 2015, 12:19 AM

    Great news. Have fun, Lily Mae… have lots and lots of fun for the rest of what I hope will be a long, lovely life.

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    Mum
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    Mute Mum
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    Sep 1st 2015, 11:53 PM

    Congrats Lily May – U are a little fighter best of luck at school U will have a fab time.

    What is story with red thumbs?????

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    Mute TommyHaze
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    Sep 2nd 2015, 12:04 AM

    Pervs.

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    Mute Paul Greham
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    Sep 2nd 2015, 7:10 PM

    Those red thumbs are being posted by sad horrible sc¥m.

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