Additional €100 Million Added to First Home Scheme
Minister for Housing, Heritage and Local Government Darragh O’Brien has announced that an additional sum of €100 million is to be added to the First Home Scheme fund.
This scheme was set up over two years ago to provide financial support to first-time buyers in the housing market to assist with the price of the house, mortgage and deposit on the house they want to purchase. In the half of this year applications to the First Home Scheme increased significantly with over 43% more applications submitted compared to the same time last year. Since it was first announced this scheme has been hugely successful with over 5,400 buyers approved in its lifetime.
Speaking about the additional funding added to the First Home Scheme, Minister O’Brien said:
“The First Home Scheme has been a big success in making home ownership a reality for people who otherwise would have been unable to bridge the affordability gap between their mortgage, deposit and the price of a new home. With today’s announcement of increased funding, the scheme will extend its reach, turning the aspiration of owning a home into reality for even more people.
“Today’s announcement of increased funding ensures that the scheme is sufficiently resourced, paving the way for first-time buyers, new home builders, and those embarking on a fresh chapter in life to become home owners. In light of the success of the scheme to date, work is underway to consider extending the scheme past 2026.”
Also commenting on the funding announcement Minister of State with Responsibility for Local Government and Planning, Alan Dillon added:
Today’s announcement is more good news for those buying or building a new home for the first time or those making a fresh start. Throughout the country, I’ve seen how this initiative has paved the way for people to purchase a home or take a significant step towards home ownership. Its continued success is turning the ambition of home ownership into a reality for many families and individuals.”
