John Cummins (Fine Gael) | Oireachtas source

I move recommendation No. 5:

In page 14, between lines 29 and 30, to insert the following: “7.The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Houses of the Oireachtas a report on the operation of the Help-to-Buy Scheme since its introduction in 2017 and since its expansion in 2020.”.

We have touched on the help-to-buy scheme. It was introduced in 2017. When I think back to that time, one of the issues raised with us as Fine Gael representatives, as I am sure it was with other representatives, was deposits. At that time, the difficulty for first-time buyers was that they were not able to get their deposit together. Over recent years that has abated for first-time buyers to a large extent because of the help-to-buy scheme. It provides up to €30,000 back of the tax a person has paid in the previous four years. It is a positive measure by Government.

Some in the Opposition would say it should be abolished and that we should not have a help-to-buy scheme to support first-time buyers. I disagree fundamentally with that position. They say they will give a month's rent in tax with one hand, but they will take away €30,000 with the other. By any measure that is an exceptionally bad deal for a first-time buyer looking to get their foot on the ladder.

Help-to-buy is a positive measure. I would like a report within three months on its operation and perhaps to feed in the pieces referred to by Senator Casey. Having that deposit is a lifeline for so many people. More than 1,100 people in my own county of Waterford have used the help-to-buy scheme over recent years.