The First Home Scheme

The First Home Scheme

The First Home Scheme was launched one year ago this week (July 2022). The scheme is designed to bridge the gap between the customers mortgage, their deposit and the price of a new home.

It does so by providing for the shortfall in return for an equity share in the home.


To be eligible for the Scheme you must:

  • be over 18 years of age
  • be a first-time buyer or other eligible homebuyer
  • have Mortgage Approval with a Participating Lender
  • borrow the maximum amount available to you from one of the Participating Lenders (up to 4 times your income*)
  • not be availing of a Macro Prudential Exception (MPE) with a Participating Lender
  • have a minimum deposit of 10% of the property purchase price
  • *there are no specific household income limits required to participate in the FHS.

To be eligible for the Scheme the property you are purchasing must:

  • be a newly built house or apartment OR be the house or apartment you are currently renting and residing in and are now looking to purchase it having received a Notice of Termination from your landlord, as the landlord is putting the property on the market
  • be a property in a private development in the Republic of Ireland
  • be bought as your Principal Private Residence
  • be within the local authority property price ceiling for the property type (house or apartment)
  • not be a self-build

How much funding can the FHS provide?

the FHS can fund up to 30% of the market value of your new property

this amount is reduced to 20% if you are availing of the Help to Buy Scheme (HTB). Details of HTB can be found on the Revenue’s website (, and examples, including the HTB can be found in the Homebuyers Guide on the Guides/Resources page

the minimum equity share is 2.5% of the property purchase price, or €10,000, whichever is higher.

Example: (Based on combined salary of €70,000, for €350k house, availing of Help to Buy scheme for deposit of €35k)

In this example, the shortfall is only 10% (equity stake therefore is 10%). The scheme allows for up to 20% (30% if not availing of Help to Buy Scheme)

Key Features

  • The first Home Scheme can provide for up to 20% of the value of the new home (30% if not availing of the Help to Buy Scheme)
  • There is no interest to be paid as this is an equity product – not a debt product
  • The equity share held is a percentage of the value of the property. The equity share does not change as property price may rise and fall over the years.
  • The Scheme is available for those who qualify under the “Fresh Start” principle (those who have been subject to divorce, judicial separation or gone through an insolvency process and no longer retain interest in the family home.

Price ceilings for each local authority are to minimise the risk of market inflation. They are reviewed on a regular basis and adjusted as necessary.

For more information or help starting your mortgage journey call our Mortgage Advisor, Fiona on: 091 788000 or email

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