Michael Noonan (Limerick City, Fine Gael)
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As I have already answered in response to the Deputy's identical question of 24 November last, the Help to Buy incentive is a new income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief will only be available in respect of 'new builds'. To be eligible to apply for the Help to Buy incentive, a first-time buyer must take out a mortgage of at least 70% of the value of the purchase price, or in the case of a self-build, 70% of the valuation approved by the mortgage provider.

The full conditions of the scheme are provided for in Section 8 of the Finance Bill 2016 as published, the commencement of which is subject to the approval of the Oireachtas.