There’s been just one application from Kerry approved under the Government’s First Home Scheme.
It bridges the gap for first-time buyers between the price of a new home and their available mortgage and deposit.
The First Home Scheme has a fund of €400 million, and has been put together by the Government and three banks – Bank of Ireland, AIB, and Permanent TSB.
It aims to help first-time buyers to get on the property ladder.
It can be used where a buyer has mortgage approval from one of the three banks, along with their deposit, but there’s still a shortfall between those and the price of a house.
It’s only for new builds in private developments at the moment, but it’s hoped it’ll cover self-builds in the future.
The home buyer or buyers can get to up 30% of the value of a house, or 20% if they’re also using the Help to Buy Scheme.
The First Home Scheme is an equity scheme rather than a loan.
Price ceilings increased recently, so in Kerry, the new maximum price of a house eligible to be funded under the First Home Scheme is €325,000, an increase of €25,000.
Since it was launched last July, there have been 750 approvals across the country, but just one of those has been in Kerry.
Head of Operations with the First Home Scheme, Helen Quigley, is encouraging first home buyers in Kerry to use the FirstHomeScheme.ie website to see if they’re eligible.
There’s an eligibility calculator and further information on FirstHomeScheme.ie
