New Government starter home supports bring clarity

PROPERTY

Property Insights by Johnny Gannon Fair Deal Property

There are a wide range of grants available to improve affordability for first time buyers.

With such an array of supports available, each with different eligibility criteria, the process can be somewhat confusing for the uninitiated.

One of the biggest frustrations for prospective buyers is simply understanding what help is available and where to start.

The Department of Housing has now addressed that challenge by launching a new Starter Home Supports hub, bringing together five key housing initiatives in one easy-to-navigate location. While the schemes themselves are not new, having them presented in one central resource is a welcome improvement and should make the journey to home ownership considerably easier for many.

For first-time buyers, the hub outlines three principal supports.

The Starter Home Purchase Scheme allows eligible buyers to purchase newly built homes through a shared equity arrangement with their local authority, reducing the amount that needs to be borrowed from a lender.

The Help to Buy Scheme continues to assist buyers by providing a refund of income tax and Deposit Interest Retention Tax (DIRT) paid over previous years, helping purchasers build the deposit needed for a new home.

The First Home Scheme is another shared equity initiative designed for those purchasing a newly built home on the private market who may have a funding gap between their mortgage approval, savings and the purchase price.

The new hub also benefits those who are not currently purchasing. The Cost Rental Scheme offers secure rental accommodation at rates below prevailing market rents, while the Vacant Property Refurbishment Grant provides funding of up to €70,000 to help renovate vacant or derelict homes, encouraging more properties back into productive use.

Although these supports each have their own qualifying criteria, bringing them together in one place makes it far easier for buyers, renters and property owners to understand which options may suit their circumstances.

Anyone considering entering the housing market should take the time to explore the available schemes before making financial decisions. Even if you have previously assumed you would not qualify for assistance, it is worth reviewing the updated information as eligibility and available supports continue to evolve. Making existing supports easier to find is a practical and positive step in helping more people navigate the path towards home ownership.

For more information visit www.fairdealproperty.ie.