Buying your First Home in Ireland – A Guide

Buying First Home in Ireland

Tips, Schemes, and Savings Strategies to know when buying your first home in Ireland.


Embarking on the journey to homeownership in Ireland is a thrilling yet complex endeavour, especially for those buying their first home in Ireland. To navigate this process successfully, it’s essential to arm yourself with knowledge and adopt strategic approaches. In this comprehensive guide, we’ll delve into various tips, schemes, and savings strategies to empower you on your path to acquiring your first home.


  1. Explore the Help-to-Buy Scheme: Unlocking Financial Support

The Help-to-Buy scheme stands as a beacon for first-time buyers, offering a potential tax rebate of up to €30,000. This financial boost is specifically tailored to assist with the deposit for a NEW build property. Currently open until December 2021, the scheme has been enhanced by the government to further support aspiring homeowners. Familiarise yourself with the details of this scheme, as it could significantly alleviate the financial burden associated with your first home purchase.


  1. Unlock Mortgage ‘Exemption’: Understanding Central Bank’s Rules

The Central Bank’s mortgage lending rules stipulate a minimum deposit requirement of 10% of the house price. However, a noteworthy provision allows for 5% of mortgages to first-time buyers to have a deposit below 10% in any given calendar year, provided other lending criteria are met. Engage with mortgage advisors to explore the possibility of securing a mortgage deposit exemption, making the path to homeownership more accessible.


  1. Embrace Mortgage Cashback Deals: Maximising Benefits

Many banks entice first-time buyers with attractive mortgage cashback deals. These deals can provide a financial boost that contributes to your overall home-buying budget. Investigate the offerings from various banks to identify the most favourable cashback deals that align with your financial goals.


  1. Prioritise Savings: Building a Strong Financial Foundation

The importance of savings cannot be overstated in the home-buying journey. Establishing a regular savings habit, no matter how modest, plays a crucial role in the mortgage application process. Demonstrating to your bank that you can manage your finances and afford monthly mortgage repayments is key. Initiate a savings plan by setting up a direct debit or standing order to ensure consistent contributions to your savings account. This disciplined approach not only enhances your financial credibility but also strengthens your position as a responsible borrower.


  1. Claim a Tax Refund: Seizing Financial Opportunities

Amid the complexities of tax regulations, there exists an opportunity for first-time buyers to claim a tax refund. According to leading providers of tax refund services in Ireland, the average refund for those investigating their tax affairs ranges from €900 to €1,100. Take advantage of this potential windfall by delving into your tax details, ensuring you don’t miss out on any available refunds.


Conclusion: Your Roadmap to Homeownership

Navigating the landscape of purchasing your first home in Ireland involves strategic planning, financial savvy, and a comprehensive understanding of available schemes and opportunities. By embracing the Help-to-Buy scheme, exploring mortgage exemptions, leveraging cashback deals, prioritising savings, and claiming tax refunds, you position yourself for success in the competitive real estate market. Take the lessons from this ultimate guide and embark on your homeownership journey with confidence, knowing that you’ve equipped yourself with the knowledge and strategies needed to turn your dream of owning a home into a reality.


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