Glenveagh | The Help-To-Buy Scheme: How It Works And Why It Can Benefit You
keychain with house design and two keeys

2 July 2021

First Time Buyer

The Help-To-Buy Scheme: How It Works And Why It Can Benefit You

If you’re embarking onto the first step of the property ladder, help is available to make the process go as smoothly as possible.

Here’s what you need to know about the help to buy scheme, in a nutshell:

  • It’s a tax rebate scheme provided by the Irish government for first-time homebuyers;
  • The funds will go towards your deposit;
  • You can get up to €30,000;
  • To qualify, you must not have previously bought or built a house or apartment, either on your own or jointly with any other person;
  • If you are buying or building new property with other people, they must also be first-time buyers.

Find out more at the

The Help-To-Buy Scheme: How It Works And Why It Can Benefit You

Boost your deposit with help to buy

A big problem for first-time buyers is getting that all-important initial deposit together. Due simply to living circumstances, it’s not as easy for today’s first-time buyers as previous generations may have had it.

“That's a common problem for lots of first-time buyers,” Ray says. “They're trying to pay what is possibly quite expensive rent and save a deposit at the same time. So the help-to-buy scheme really is a lifesaver, especially in this scenario.”

Not only is the help-to-buy scheme an essential lifeline for so many millennials, but it’s also incredibly easy to get started. The Irish government wants as many people who qualify as possible to take advantage of the scheme, which changes lives every single day.

A simple, straightforward process

Hannah White and Sam Gormley are residents of Balbriggan and bought their brand new home with the assistance of the help-to-buy scheme.

“The whole process was easy,” says Sam. “You just have to submit everything to the Revenue, and then you get a notification off them once it's in and ready.”
“I felt that it wasn't really stressful at all,” Hannah agrees. “There wasn't a whole lot for us to do really!”

When their application was successful, Sam and Hannah saved money, time and stress! Instead of scrimping and saving for a full deposit, they used the leverage they had at their disposal. They were able to focus on the essential elements of moving such as new furniture, arranging jobs and settling in.

The property you really want

Sam and Hannah felt that a new build was always the way to go:

“We have our own space now. We didn’t want an older home, we wanted a new build that we could move into right away. We were all set up within two weeks. We’re both working from home at the moment, so an office was essential.”
“You can close the door and that's it. Work's done,” Hannah adds. “A spare room as well, if anyone wants to come over and stay. They don’t have to sleep in the office.”

Sam and Hannah have found that a new build perfectly suits their needs for modern living.

“Where I used to live had quite a small kitchen, you'd always be knocking your elbow off the counter. But here, we have plenty of space.”

You have to retain ownership of the property for a minimum of a five years to qualify for the help-to-buy scheme. It’s an excellent choice for first-time buyers. It speeds up the process because you're getting part of your deposit from a tax rebate.
Ray Palmer-Smith
Head of New Homes at Knight Frank. Ray has extensive experience working with help-to-buy loans.