First Home Scheme is a gamechanger for first-time buyers says Galway TD

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Galway East TD Anne Rabbitte has said that the First Home Scheme can be a game changer for first-time buyers in Galway.

The Fianna Fáil TD and Minister for State said that the scheme has the potential to make a real difference to those attempting to get on the property ladder.

Under the scheme, the State will provide part of the price of a new home alongside the buyer’s mortgage and deposit.

Minister Rabbitte said that this can bridge the gap between the price of a home and the current maximum a person or couple can rent depending on their income.

“I know from speaking with constituents across Galway East looking to buy their own home that they are keen to utilise such support, which will help bridge that gap between the funding and mortgage they have and what they need to get their dream home,” she said.

“The Help to Buy Scheme (HTB) can also be used alongside this scheme and could provide 20% of the price of the property going towards the buyer’s deposit.”

The maximum stake the state can take as equity under the First Home Scheme is 30% without the HTB, and 20% if the HTB is being used.

The scheme is available to first-time buyers and also gives fresh start exceptions to those who may have previously purchased a property if they have separated or experienced insolvency.