keychain with house design and two keeys

28 February 2022

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;
  • The Help to Buy (HTB) scheme is an incentive for first-time buyers of newly built homes. It will help you with the deposit you need to purchase a new-build house or apartment.
  • Help to Buy cannot be used to purchase previously owned or second-hand homes.

Find out more at the Revenue.ie

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!”

Sam and Hannah saved money, time and stress! They used the leverage they had at their disposal so they could 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.

Glenveagh homes are designed for family living, with large living areas, seeded rear gardens and modern kitchens. All our properties are energy efficient new-builds with an A-rating for energy resulting in lower energy costs. We incorporate sustainable and renewable technology to reduce our carbon footprint. All of our homes are covered under 10-year HomeBond Structural guarantee, meaning you are covered for the repair of major structural defects.