Galway County Council support buyers purchase new home

AROUND 200 homebuyers have been supported by Galway County Council in purchasing a new home in the last four years.

Recent figures for the First Home Scheme revealed that a total of 198 applicants were approved for the support with 97 drawdowns in Galway County.

In Galway City, 110 applicants were approved for the support and 57 drawdowns were made since the scheme was launched in July 2022.

Junior Minister for Transport Sean Canney commented that the scheme is making a difference for people who have secured a mortgage and saved a deposit but still face a shortfall when trying to purchase or build their own home.

Minister Canney noted that for many first-time buyers, the gap between what they can borrow, and the cosy of a new home remains a significant challenge.

“This scheme helps bridge that gap and makes home ownership possible for people who might otherwise be unable to afford it,” he added.

The First Home Scheme provides financial support to eligible buyers who cannot meet the full purchase price or build cost of a new home through their mortgage and deposit.

The scheme can provide up to 30 per cent of the purchase price or build cost, or up to 20 per cent where the buyer is also availing of the Help to Buy Scheme. In return, the scheme takes 15 per cent equity stake in the property.