Local Authority Home Loan
The Local Authority Home Loan (formerly Rebuilding Ireland Home Loan) is a government-backed mortgage for first-time buyers and Fresh Start applicants. It is available nationwide from all local authorities for those on modest incomes who cannot get sufficient funding from regulated financial providers to purchase or build a home. Eligible first-time buyers and Fresh Start applicants can apply for a Local Authority Home Loan to purchase a new or second-hand property, or to build their own home.
A ‘Fresh Start’ principle applies to the Local Authority Home Loan Scheme. This means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings and no longer have an interest in the family home, are eligible to apply under this Scheme.
Cost rental is a new form of long-term, sustainable home rental. Cost Rental is targeted at middle-income households with incomes above the social housing limits, but who are struggling to meet private market rent levels.
Under the Cost Rental model, rents for homes are set to cover only the cost of financing, building, managing and maintaining the homes and are therefore based on the cost of the provision of homes, rather than being subject to market driven movement. State subventions can be used in order to reduce the initial capital cost and make the starting rent more affordable. Cost Rental provides tenants with sustainable, long-term rental accommodation.
First Home Scheme (administered through First Home Scheme.ie)
The First Home Scheme is administered by First Home Scheme.ie and is a shared equity scheme, sponsored by the Government of Ireland (Department of Housing, Local Government & Heritage) and Participating Lenders. It aims to bridge the gap for first-time buyers and eligible homebuyers between their deposit and mortgage, and the price of a new home within property price ceilings set up across the Republic of Ireland, by local authority area.
The Scheme provides homebuyers with what is known as an equity facility. This means that homebuyers will enter into a contract with the FHS and receive funds from the Scheme in return for the FHS taking a percentage ownership in the property purchased. The percentage ownership that the FHS holds in your home is known as an equity share.
Help to Buy Scheme (administered by Revenue.ie)
The Help to Buy (HTB) scheme is administered by Revenue.ie and is an incentive for first-time property purchasers. It will help you with the deposit you need to purchase or self-build a new house or apartment. You must purchase or self-build the property to live in as your home.
The refund will be from the four tax years prior to when you make your application. The refund will not include any refunds you have already claimed.
Read more about the Help to Buy scheme on Revenue.ie