The Help to Buy Scheme Ireland 2024 allows first time buyers in Ireland to claim 10% of the value of their property, which can be anywhere up to €30,000.
In this article, I will be going into detail about how the Help to Buy scheme (HTB scheme) works, what you have to do to qualify, how much can be available to you, how to get your taxes refunded, how to get up to date on your taxes so you can qualify, and finally how to apply.
1.How does the Help to Buy scheme Ireland 2024 work?
2. How do I know if I qualify for the Help to Buy scheme Ireland 2024?
3. How much is available to me from the Help to Buy scheme Ireland 2024?
4.How will I receive my tax refund from the Help to Buy scheme 2024?
5.How can I get up-to-date on my taxes for the Help to Buy scheme Ireland 2024?
6.How can I apply to the Help to Buy scheme Ireland 2024?
7. A summary of The Help to Buy scheme Ireland 2024.
How does the Help to Buy scheme Ireland 2024 work?
The Help to Buy scheme Ireland 2024 is a Government tax refund scheme.
The HTB scheme allows first time buyers to claim 10% of their property value to help them pay deposits on newly built homes.
This HTB incentive offered by the Irish Government lasts until the 31st of December, 2024.
In order to claim from the Help to Buy scheme Ireland 2024, you must have paid the equivalent amount of 10% of your property value in tax in the previous 4 years before moving into your new home.
This refers to Income Tax and DIRT. You cannot claim from USC or PRSI.
Don’t worry too much if you feel that you haven’t paid enough tax to qualify, as in actual fact most people in Ireland likely have paid 10% of their property tax within 4 years and can therefore apply to have their tax refunded for their new home under the Help to Buy scheme.
How do I know if I qualify for the Help to Buy scheme Ireland 2024?
Even if all your taxes are up to date, there are still some more conditions that you need to take into consideration before applying to the HTB scheme.
In order to qualify for the HTB scheme, you must-
- Be a first time buyer in Ireland and outside of Ireland
- Be moving in with an applicant who is also a first time buyer if more than one person will be purchasing the home, ie) if one applicant is not a first time buyer then you cannot qualify for this scheme
- Be moving into a newly built or self built home
- Be using the property as your principal private residence for 5 years
- Be moving into a home that isn’t a conversion or restoration, however a conversion of a non-domestic home into a domestic home can qualify
- Be moving into a home worth less than €500,000
- Have a solicitor or contractor registered with the Revenue Commission
- Have a mortgage with a loan to value of 70%. For example, if you are purchasing a home worth €200,000, your mortgage must be €175,000.
What rules you out
- Don’t pay for home in cash.
- Don’t be an investor or landlord.
- Don’t use the property for investment purposes.
While it may seem that there are many conditions to the HTB scheme, remember that this incentive is to help first time buyers get on the property ladder.
Therefore if you are a first time buyer and have been tax compliant in the 4 years before moving into your new property, you will most likely be able to qualify for the HTB scheme.
How much is available to me from the Help to Buy scheme Ireland 2024?
Under the Help to Buy scheme Ireland 2023, first time buyers can claim,
- 10% of the purchase price of their new build, for example a home worth €200,000 can claim €20,000.
- The amount of Income Tax and DIRT paid in the previous 4 years before moving.
Or for self-builds,
- 10% completion value of their self-build home.
In order to claim from the Help to Buy scheme, your home must be valued at €500,000 or less.
The most you can claim from the HTB scheme is €30,000, meaning that even if your home is valued at more than €300,000, you still can only receive €30,000 max.
| Value of property | Rates | Total claim received |
| €300,000 | 10% | €30,000 |
| €400,000 | 10% | €30,000- cannot receive more than €30,000. |
How will I receive my tax refund from the Help to Buy scheme 2024?
So if you qualify for the HTB scheme, your tax refund will be paid to you depending on your property.
If you buy a new build after 1 January 2017 (4 years ago), the refund is paid directly to the builder.
If you self-build the property after 1 January 2017, the refund is paid to a bank account you hold with your loan provider.
This money can be used to help first-time buyers cover the costs of their deposits.
How do I get my taxes up to date for the Help to Buy scheme Ireland 2024?
In order to claim from the Help to Buy scheme, you must be fully tax compliant and all your taxes must be up to date.
However if your taxes are not up to date, you must complete a Form 12 if you are a PAYE earner or a Form 11 if you are self-employed.
You must fill out these tax forms in the 4 year period before you move into your new home and pay any outstanding taxes.
How can I apply to the Help to Buy scheme Ireland 2024?
If you think you qualify for the help to buy scheme Ireland, then you should go to Revenues MyAccount service, where you will be told how much tax refund is available to you as well as apply.
In a Nutshell – Help to Buy Scheme Ireland 2024
In short, the Help to buy scheme 2024 is a great incentive for new first time buyers who are looking to find their way into today’s housing market.
If you are looking to buy a new home as a first time buyer then the Help to Buy scheme is designed to help you.
That is why we at moneysherpa believe you should check to see if you’re eligible for this scheme and apply as soon as you can before it ends on the 31st of December, 2024.
Next Steps – Help to Buy Scheme Ireland 2024
Wanting to find a mortgage for your new property? Contact one of our mortgage sherpas today free of charge or you get provisional approval in 5 minutes with our instant approval calculator, so you can get going and view some properties!
If you have any questions about lenders or switching mortgages feel free to contact our QFA mortgage sherpas here at moneysherpa.
31 thoughts on “Help To Buy Scheme Ireland 2024 – Ultimate Guide to Boosting Your Deposit”
I purchased my house a couple of years ago (as a first time buyer) and paid the deposit for the mortgage. At the time I was unaware of the HTB scheme.
Is it possible to claim HTB after the mortgage deposit has already been paid?
There is a lot of competition for houses these days so many people need to get their mortgage approved ASAP in order to secure a house, it seems a bit unfair in those situations if the HTB scheme cannot be applied after paying the deposit to secure the house. Would I have any chance to claim HTB retrospectively through Revenue?
Thanks,
Shane
Hi Shane, there’s no harm trying to claim this with revenue, however I think it’s unlikely you are eligible I’m afraid. I haven’t checked the small print, but the scheme works on the assumption you need the extra funds at the point of purchase, so it’s unlikely given you were able to purchase that you would be retrospectively be able to claim. Sorry I can’t be more positive on this! Mark
Hi Mark,
I’m looking at a four-bedroom, A2 rated property. It was built in 2020. Can we apply for the First-Time Buyers/ Help to buy for this property?
Kind Regards,
Holly
If the property has already had an owner which I would presume is the case if it was built in 2020 the no. There are only 3 types of houses you can get Help to Buy or the First Home Scheme on. 1) New Builds 2) Self Builds 3) Where you have been renting a property and it has been put on the market for sale by the landlord. Hope that helps!
Hey there,
I’m looking to renovate the barn on my parents property. If I bought the barn and wanted to renovate it into a home for me and my future kids, would I qualify for this grant?
Current value of the entire small holding is less than €500k, the barn is worth a minimal amount.
Thank you
Hi Lynne, there is potential grant funding for this either through the FHS treating this as a self build or through the derelict home scheme. I haven’t come across this specific scenario, so I’ll drop you a mail if you want one of the team to walk through it with you in more detail.
Hi Mark
We are first time buyers, however looking to buy an apartment that is not a new built, we do have some savings and mortgage approved, but still short for the price the apartment is listed for. Is there any other help that we can get from the government? Thanks
Hi Anna, Currently all the supports are targeted at new builds only and not many apartments are currently being developed so this makes things particularly difficult for apartment buyers. We have had cases where parents released equity on the family home to help bridge a gap, not sure if this would be an option for you? If you want to find out more on this, just email me at [email protected]. Thanks Mark
Thanks for your answer Mark, that’s not an option for us.
Thanks
Anna
Hi,
Would an approved mortageg of €222,624 for a house with a value of €320,000 qualify for the HTB scheme?
€10,000 will be paid of through booking deposits and signing the contrcats.
Thanks for any information
Hi Mark, assuming you paid sufficient tax in the 4 years prior and the house in a new development or self build you will probably qualify for the HTB scheme. You may also qualify for the First Time Buyers scheme as well! Thanks, Mark
Hi,
How can you optimise how much you can get from the HTB scheme as I have been working and paying tax since my teens but am only getting offered very low amounts on HTB even with my partner included. Is there anyway to fix this as we have saved some money ourselves but need the extra to secure our dream home.
It feels like unless you’re old enough you will not get offered any real financial help. I’m 24 for reference have always worked and paid my tax.
Hi Chloe, it’s the last 4 years that are used to calculate your HTB relief, so the lower amount is unlikely to be due to the number of years you have worked. More likely is that the tax you have paid in those two years isn’t sufficient to qualify for the maximum. Apologies for this sounding like a leaving cert maths question, but roughly speaking for an individual on the first €18,750 of earnings there is no income tax paid and then it’s only 20% on earnings above that up to €42,000. So someone earning €42,000 a year would be liable for income tax on €23,250 @ 20% so €4,650. Over 4 years then the max they could claim is €18,600 for example. Worth getting out your tax certs to see how much income tax you have paid in those 4 years, if there was a dip in earnings for example that could be the issue. Hope that helps, Mark.
Hi as I have applied for HTB this year after January it shows “under review “:last year it was showing the amount we eligible for..But this year it shows like this.no reply yet as I enquired through ‘my enquiries.:what could be the reason for under review ???not showing amount eligible .+??how to know the amount
Hi Anju, we haven’t seen this one before so I’d recommend you talk to revenue directly. I’m guessing it is updating based on how much tax you paid last year. Please let us know how it turns out!
How can i get mortgage approved if i don’t have a deposit? As the deposit would be the help to buy scheme? But I can’t get the help to buy scheme unless I’m mortgage approved? Im so confused
Hi Louise, Yes I’m afraid this part of Help to Buy is very confusing, the revenue unfortunately don’t make it as easy as they should and we have lots of people with this issue. To get your mortgage approved you only need to show that you have applied to the Help to Buy using the screen with the application number, expiry date and the amount approved. When your mortgage is completed there is a second page where you enter the mortgage number to drawdown the Help to Buy funds. So 1 Apply for HTB 2 Use proof of HTB to get Mortgage 3 Use Mortgage proof to get HTB funds. Hope that helps clear it up for you!
I still didn’t get the %10 off the property price. Just say the house is 300K , will I apply for mortgage for 290K or will I pay 300K first than I receive back 10K cash from FTBS?
Hi Ben,
Good question, if there are no support schemes and you are a First Time Buyer you will need to borrow €270,000 and fund the remaining €30,000 (10%) in savings. However, if you are eligible for the Help to Buy scheme you can use that to fund the €30,000 as well. Hope that helps clear it up!
Hi
Myself & my partner have bought a property and are extending / renovating. I’m not a first time buyer but I am classed as a ‘fresh start applicant’ I previously had a property which I sold to my local authority for social housing. My partner is a first time buyer. The mortgage is in both our names , can she get the first time buyer grant or even a portion of it ?
Thanks
Jamie
Hi Jamie, If you are a ‘Fresh Start’ applicant due to a divorce, bankruptcy etc.. and your partner is a First Time Buyer then you should be able to avail of the First Time Buyer supports. If you aren’t eligible under the Fresh Start definition then your partner would not qualify as both mortgage holders have to be First Time Buyers. I hope that helps clarify your options for you.
Informative article, thanks. I was working and living overseas (in a jurisdiction with no tax agreement with Ireland) before returning home and starting work in the public sector in early 2023 (i.e. no tax history here prior to 2023). Can I still apply for the scheme for the tax I paid in 2023/24 only?
Hannah
Hi Hannah, yes you can still apply for the scheme, obviously the risk is that the tax you have paid won’t be big enough to get the full 10%, but you should get something back depending on what you have paid in.
Hi
I started building a small bungalow house at the end of 2021, I took out a Mortgage of €150,000 and with my savings I got the house finished in 2023. When I was building the house I was single, but now I am married with a child, and I need to convert the attic for extra space. Initially, I was not eligible for the Help to Buy scheme because of the loan to value ratio, the value of the house now is at €280,000. If I was to go back to bank a increase my loan do you think I would be eligible for the help the buy scheme?
Regards
Bren
Hi Ben, from what you describe it’s unlikely that you will qualify for Help to Buy as the scheme is only available to First Time Buyers. I’d have a chat to a Mortgage broker about your options, you might be able to get more at a cheaper rate by switching lender rather than sticking with your current bank.
Hi,
My name is Joby. I just wanted to know, my help to buy scheme application won’t be processed until 15January 24due to tax return issues. I have to pay 10%of the price to confirm my property booking on or before 16th January. If I pay the money from my savings for the deposit, will there be any problem. I can still get help to buy scheme or not. I thought I could use help to buy scheme amount to meet the deposit amount.
Hi Joby, the Help to Buy isn’t just limited to paying for the deposit it can still be used to reduce the size of the mortgage. So in theory this shouldn’t be an issue, although you should get individual advice from a mortgage broker to double check.
Thanks for a great article.
Do you have a list of solicitors who are registered with REVENUE to assist clients with this scheme?
There’s no requirement for conveyancers to be listed with the Revenue, however using solicitors who are familiar with the scheme makes a lots of sense. We’d recommend https://jacoblaw.ie/ or https://letsbeam.ie/ as they both specialise, are online and are competitively priced.
What if a house costs 430000, my mortgage is 250000 + my savings 42000?
Help to Buy can be claimed by me up to 30000 and separate by my spouse up to 30000 or its combined to 30000 only? First Home Buyer Scheme also could be added? I think its 87000 max when combined to HTB or 129000 when only FHS.
Hi Martin,
Good question, bear in mind to be eligible for HTB the loan to value must be 70% and the property a new build, so your mortgage would have to be larger than 250,000 to qualify. The HTB is joint so you would get 10% of €43,0000 €43,000 in this case. However, you can also get upto a further 20% through the First Home Scheme. For example €430,000 purchase, €301,0000 mortgage + €43,000 HTB + €42,000 savings + €44,000 FHS to bridge the difference. The best thing is to have a chat to a broker who can help you work out the best combination of grants and mortgage.
Thanks,
Mark