What is the Starter Home Purchase Scheme and How Can it Help You Buy Your New Home?

We take a look at the Starter Home Purchase Scheme and how it can help you buy your new home.

If you'd like to make the leap into home ownership, there are a number of schemes which can help along the way, including the Starter Home Purchase Scheme. This scheme enables local authorities, such as county councils, to help first-time buyers purchase Starter homes. The scheme can bridge the gap between the mortgage amount you are approved for, your deposit and the price of your newly built home.

Am I Eligible?

The Starter Home Purchase Scheme is designed for first-time buyers and to be eligible there are a number of requirements:

• You must be over 18 years of age
• You are a First-Time Buyer or qualify under the Fresh Start principle
• Your buying power must not be more than 95% of the price of the home
• You have a minimum deposit of 10% of the purchase price
• You have a right to reside indefinitely in the Republic of Ireland
• The Starter Home will be your main residence, where you live

You can find out more about how to qualify for the scheme here.

How the Scheme Works

It may be easier than you think to buy your own home and the Starter Home Purchase Scheme is there to help you on your way. So, how does it work?

Where to Find Out About the Scheme

The local authority will advertise a scheme on their website, giving details of where the new Starter Homes will be located. You can view new Glenveagh homes that are eligible for the scheme here.

How the Local Authority Helps You Buy

Through the Starter Home Purchase Scheme, the Local Authority makes a contribution towards the cost of your new Starter Home in exchange for a share in it. The local authority may provide between 5% and 40% of the cost of your home, in return for the same percentage of equity. The specific percentage equity provided is determined by each individual local authority. You can buy back the equity share at any stage or if you decide to sell your home, but you must do so within 40 years.

Using the Help To Buy Scheme

One of the great things about the Starter Home Purchase Scheme is that you can use it in conjunction with the Help To Buy Scheme, which helps first-time buyers with up to €30,000 towards the deposit for a newly built home. So, not only can you get assistance with the purchase price via the Starter Home Purchase Scheme, you can get help with the deposit too. Find out more in the Help to Buy section below.

Homes Covered by the Starter Home Purchase Scheme

Remember that the Starter Home Purchase Scheme is available to buy newly built homes that are specifically covered by the scheme. The local authority will publicise the scheme in advance, letting you know where the new Starter Homes will be located. You can view new Glenveagh homes that are eligible for the scheme here.

How to Apply

Check the Local Authority Website

The local authority will advertise a scheme on their website, giving details of where the Starter Homes will be located. When you have all your documents together, you simply apply online via a portal on the local authority website.

Make a Checklist

It's advisable to make a checklist of all the documents and information you need. These will include:

• Your full name, date of birth and PPS Number
• Confirmation that you are a First-Time buyer (or Fresh Start applicant)
• Proof of Income
• Proof of right to reside in the Republic of Ireland
• Evidence of your savings and/or deposit
• A Mortgage Approval in Principle letter stating the maximum mortgage available to you may be required as part of the process
• Confirmation of eligibility for Help to Buy, if applicable

Once you have all your documents, you can upload them and your details to the online portal.

You can also get more information on applying for the scheme here.

The Help To Buy Scheme

The Help To Buy scheme is a tax rebate provided by the Irish government which helps first-time buyers overcome the hurdle of getting their deposit together. The scheme can be used in conjunction with the Starter Home Purchase Scheme. The scheme will help you with the deposit you need to purchase a newly built house or apartment worth up to €500,000. The funds will go towards your deposit, up to a maximum of €30,000 (or 10% of the property price; whichever is less).

You can find out more about the Help To Buy Scheme here.

Find Your New Starter Home

To view Glenveagh homes eligible for the Starter Home Purchase scheme, visit our Starter Home Purchase Scheme Page where you'll find a selection of A-rated, newly built, beautifully designed homes to browse.