Help To Buy Scheme

The Help to Buy Incentive is a scheme introduced by Revenue in 2016 and is designed to assist First Time Buyers of new properties or those that Self-Build properties, in getting together the required deposit. The scheme works as a refund of Income Tax and DIRT (Deposit Interest Retention Tax) paid over the previous 4 years. USC and PRSI contributions are not taken into account. The scheme provides for a maximum refund of €20,000 or 5% of the purchase price/ value of the property whichever is the lessor amount.

For properties purchased / built after January 2017 the maximum valuation allowed on properties is €500,000.  If your property is worth more than €500,000 you will not qualify for a rebate under the scheme. An extension to the Help to Buy was recently announced and the scheme has now been extended up to December 2021.

Do you Qualify for the Scheme?

  • First Time Buyers who purchase a new build or those that self-build a new property.  If more than one person is involved, all parties will need to be first time buyers to qualify.  The build/ purchase must be subject to VAT.

  • Sign Contracts for purchase on or after 16th July 2016 or in the case of self-build draw down the first tranche of your mortgage on or after 16th July 2016.

  • Only applies to purchasers who are obtaining a mortgage to fund the purchase therefore cash buyers do not qualify.

  • Mortgage must be for at least 70% of the purchase price of the property or in the case of a self-build 70% of the value of the property.

  • Must live in the property as your main residence for at least 5 years or a clawback will apply.

  • You must be fully tax compliant for 4 years prior to your application.

How To Apply

The Application is made through the myaccount section of the Revenue Website. If you require any assistance or any further information in relation to the Help to Buy Scheme please contact our office on 021-4811955 and we would be delighted to assist you.

Contact Us Today to Discuss our Help To Buy Scheme