Help to Buy
Incentive for First-Time Property Purchasers
What Is It?
The Help to Buy (HTB) Scheme is a Government incentive designed to help eligible first-time buyers purchase or self-build a new home. It provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four tax years, helping buyers towards the deposit required to purchase a qualifying new-build home.
How Does It Work?
Eligible buyers can apply for a refund of up to €35,000, subject to the amount of tax they have paid and other scheme conditions. The refund is the lesser of €35,000, 10% of the purchase price of the new home, or the amount of qualifying Income Tax and DIRT paid over the previous four years. The property must be a qualifying new-build home, valued at €500,000 or less, and you must take out a mortgage of at least 70% of the purchase price with a qualifying lender.
How Can It Help?
Help to Buy can make saving for your deposit more achievable by putting some of the tax you have already paid back towards the purchase of your new home. For eligible buyers, this can reduce the amount of savings needed to reach the required deposit and provide valuable additional support when purchasing a new-build property. The scheme can also be used alongside other supports, such as the First Home Scheme, where the relevant eligibility criteria are met.
Who Can Claim Help to Buy?
To claim HTB, you must:
- Be a first-time purchaser of a property at time of claim
- Purchase, or self-build, a qualifying property between 1 January 2017 and 31 December 2029
- Live in the property for 5 years as your main home after you purchase or self-build
- Be tax compliant and, where relevant, have tax clearance in place
And
- You must take out a mortgage on the property with a qualifying lender. The mortgage must be at least 70% of the
- Purchase value of the property
- Or
- Approved valuation, in case of a self-build
To qualify, you must not have previously purchased or built a house or apartment, either:
- On your own, in or outside of the state.
- Or
- Jointly in or outside of the state
For More Information
Please visit Help to Buy on Revenue.ie for more information on eligibility, qualifying lendors, qpplication details and more.