Dáil Éireann Debate, Monday - 11 September 2023
903. Deputy Pádraig O'Sullivan asked the Minister for Housing, Local Government and Heritage the options open to a person (details supplied) when the first home scheme will be extended to self-builds; and if he will make a statement on the matter. [38219/23]
View answerA number of schemes are available for eligible applicants wishing to build their own home. The Help-to-Buy scheme is an incentive for first-time buyers to help with their deposit for purchasing or self-building a new home. The scheme has already helped some 39,000 first-time buyers.
The Local Authority Home Loan is available to those wishing to purchase or self-build. This loan is a government-backed mortgage for first-time buyers or 'Fresh Start' applicants.
The Ready-to-Build scheme also supports those seeking to build their own home. Under the scheme local authorities can make serviced sites in towns and villages available to potential individual purchasers and self-builders, with sites to be provided at a discount on market value for home-owners wishing to build for occupation as their principal private residence.
The First Home Scheme, which aims to support up to 8,000 households to bridge an existing affordability gap by providing buyers with part of the purchase price in return for the scheme taking an equity stake in their home, applies nationally to newly built homes in private developments.
The First Home Scheme is operated by a Designated Activity Company (DAC), overseen by a Board of Directors comprising representatives of the scheme funders, i.e. the State, AIB, Bank of Ireland, and Permanent TSB.
The First Home Scheme is not currently available for those who wish to build their own home. However, consideration is being given to expanding the First Home Scheme to include self-builds and the First Home Scheme DAC, which oversees and manages the scheme on behalf of the scheme founders (the State and participating mortgage lenders), is examining the scope to expand the scheme to cover self-build houses. A decision is expected shortly.
