Paul Murphy (Dublin South West, RISE)
Link to this: Individually | In context | Oireachtas source

776.To ask the Minister for Housing, Planning, and Local Government if he will consider an update to the first home scheme (details supplied); and if he will make a statement on the matter.[33891/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The First Home Scheme, which launched in July 2022, is a shared equity scheme designed to help bridge the gap between a purchaser’s deposit and mortgage, and the price of their new home, for eligible first-time buyers, Fresh Start applicants and those who wish to build their first home. The Scheme was expanded on 17 April 2023 to include the Tenant Home Purchase Product, enabling tenants who have received a notice of termination to buy the home they were renting, subject to the other terms and conditions of the First Home Scheme.

The First Home Scheme Designated Activity Company is responsible for the operation and management of the First Home Scheme on behalf of its shareholders - the State, Allied Irish Bank, Bank of Ireland and Permanent TSB and, as such, is responsible for First Home Scheme reporting.

The rules of the First Home Scheme are detailed on page 8 of the First Home Scheme brochure, and available on the First Home Scheme website at: www.firsthomescheme.ie/media/5gndvobr/your-guide-to-the-first-home-scheme-2024.pdf

Two of the eligibility criteria of the First Home Scheme are (1) to have mortgage approval with a Participating Lender, and (2) to avail of the maximum mortgage available from one of the Participating Lenders (within the 4x gross income limit set by the Central Bank's macro-prudential rules).

The First Home Scheme has been designed to support buyers in the private market who do have the financial capacity to obtain a mortgage from a commercial lender, but who find that the price of a suitable new home is some degree beyond their existing purchasing power. This scheme will bridge the gap between the cost of the newly constructed home and the maximum mortgage the household, the maximum deposit (optionally combined with Help-to-Buy support) that the household can obtain.