Gamechanger First Home Scheme can make homeownership a reality for first-time buyers – Brendan Smith 

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Brand new €400 million First Home Scheme to Make Home Ownership a Reality for First-Time Buyers  

Fianna Fáil TD for Cavan and Monaghan, Brendan Smith has said the First Home Scheme can be a gamechanger for first-time buyers.  

The Fianna Fáil TD said, “The First Home Scheme has the potential to be a real gamechanger for those attempting to get on the property ladder.  

“First Home is a Government-backed shared equity scheme which will see the state provide part of the price of a new home alongside the buyer’s mortgage and deposit.  

“This can bridge the gap between the price of a home and the current maximum a person or couple can rent depending on their income.  

“The Help to Buy Scheme (HTB) can also be used alongside this scheme and could provide 20% of the price of the property going towards the buyer’s deposit.  

“The maximum stake the state can take as equity under the First Home Scheme is 30% without the HTB, and 20% if the HTB is being used.  

“The scheme is available to first-time buyers and also gives fresh start exceptions to those who may have previously purchased a property if they have separated or experienced insolvency.  

“Government are working under the Housing For All plan to make homeownership a reality for everyone and this scheme is proof of momentum building behind the Housing For All programme.”  


Applications can be made today online at www.firsthomescheme.ie. The First Home Scheme application process runs in parallel with the mortgage application process (i.e. mortgage applications should continue to be made separately through participating lenders).  

The scheme is available initially to First-Time Buyers and other qualifying homebuyers who are taking out mortgages from AIB (including its EBS and Haven Mortgages businesses), Bank of Ireland or Permanent TSB. Other lenders may join the scheme in the coming months. 

How the First Home Scheme works:

The scheme will increase the spending power of borrowers by facilitating them to pay more than the combined amount of their mortgage and deposit, which would otherwise act as a ceiling on what they can pay.  

This will increase the choice of home available to borrowers and allow them to buy a home at a higher price point than the maximum mortgage that they qualify for.  

The scheme is making €400 million available in its first phase, to facilitate the purchase of up to 8,000 homes over a 5-year period, subject to demand.