Additional €100 million announced for fund for aspiring homeowners

An additional €100 million has been announced for a governemnt fund to assist aspiring homeowners. 

Eligible applicants for the First Home Scheme can receive state contributions of up to 30 percent of the property purchase price or build cost of their house. 

First launched by government two years ago, the scheme has assisted 5,400 buyers since its launch. 

To qualify for the scheme, applicants must be first-time buyers or have mortgage approval from a participating lender and be borrowing up to four times their annual income. 

A minimum deposit of 10 percent of the property purchase price or build cost must also be provided. 

So far, more than 11,000 people have registered their interest in the scheme across the country. 

Welcoming the extra funding for the scheme, Mayo TDs Michael Ring and Alan Dillon said: “Recent commencement figures, mortgage approval rates, and other metrics all highlight the significant progress being made on housing across the country.”