Dáil Éireann Debate, Tuesday - 24 October 2023
206. Deputy Ged Nash asked the Minister for Finance if he will consider a policy change to Government’s various assistance schemes for first-time buyers based on a policy matter (details supplied); and if he will make a statement on the matter. [46682/23]
View answerThe Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme. Amongst these is that an applicant’s Loan-to-Value ratio must be 70% or above based on the open market value of the house being purchased.
The Minister for Housing, Local Government and Heritage has primary responsibility for the terms and operation of the First Home Scheme (FHS). However, I understand that, under the terms and conditions of the FHS scheme, the maximum support for purchasers under the FHS is 30%, unless the purchaser is availing of Help HTB, in which case, under the terms of FHS, it is 20%.
