Under the Help to Buy (HTB) Scheme, first-time buyers in Ireland can claim up to 10% of the value of their property, which may amount to a maximum of €30,000. This initiative is designed to assist first-time buyers in accumulating the necessary deposit for acquiring or constructing a qualifying residential property. We are pleased to confirm that Bregawn Homes in Cashel, Co. Tipperary is approved under the Help to Buy scheme.
Now, let’s delve into everything you need to know about the Help to Buy scheme. Below, we address some frequently asked questions pertaining to the HTB scheme.
- How does the Help to Buy scheme Ireland 2024 work?
- How do I know if I qualify for the Help to Buy scheme Ireland 2024?
- How much is available to me from the Help to Buy scheme Ireland 2024?
- How can I apply to the Help to Buy scheme? & How long does it take for HTB to be approved?
Your First Time Buyer Supports Questions Answered
1. How does the Help to Buy scheme Ireland 2024 work?
The Help to Buy scheme (HTB) in Ireland in 2024 is a government initiative designed to assist first-time homebuyers by providing a tax refund. Under this scheme, eligible individuals can claim a refund equivalent of 10% of the value of their property to facilitate the payment of deposits on newly constructed homes and the great news is that Bregawn Homes in Cashel, Co. Tipperary is Help to Buy Approved. That’s right, our spacious A2-rated homes nestled in the heart of Cashel, minutes away from local amenities, and designed to suit all needs. Our Bregawn Ehomes are located just minutes away from Junction 8 of the M8 motorway are Help to Buy Approved.
This incentive, administered by the Irish Government, is available until December 31, 2025. To qualify for the Help to Buy scheme Ireland 2024, applicants must have paid an amount equal to 10% of their property value in income tax and Deposit Interest Retention Tax (DIRT) within the preceding four years prior to moving into their new residence. It’s important to note that Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) payments do not count towards eligibility.
If individuals are uncertain about their eligibility due to tax payments, it’s reassuring to know that a considerable portion of taxpayers in Ireland typically meet the requirements for qualification. As such, many are able to apply for a refund of their taxes to assist in purchasing their new home through the Help to Buy scheme.
For more information on the HTB scheme reach out to our Sales team: sales@jsf.ie or check out https://www.citizensinformation.ie/en/housing/owning-a-home/help-with-buying-a-home/help-to-buy-scheme/
2. How do I know if I qualify for the Help to Buy scheme Ireland 2024?
As well as your tax affairs being up-to-date, there are some additional criteria to consider before applying to the Help to Buy scheme.
To be eligible for the HTB scheme, you must:
You must qualify as a first-time buyer, whether in Ireland or abroad. You must also be intentding to cohabit with a co-applicant who is also a first-time buyer if multiple individuals are purchasing the property; otherwise, you cannot access the scheme.
You must purchase a new-build and become an owner-occupier i.e. utilise the property as your primary residence for a minimum of five years.
The property must be valued at less than €500,000.
The Developer must be registered with the Help to Buy Scheme. The good news is that yes, Bregawn Homes in Cashel, Co. Tipperary is Help to Buy Approved. JSF Construction Ltd. is registered as an approved Developer for the scheme.
For more information on whether you qualify for the Help to Buy Scheme check out https://www.citizensinformation.ie/en/housing/owning-a-home/help-with-buying-a-home/help-to-buy-scheme/#dadb8e
3. How much is available to me from the Help to Buy scheme Ireland 2024?
The current maximum tax rebate available is 10% of the property’s value, capped at €30,000.
For example, let’s consider Patrick and Tara who aim to purchase a 3-bedroom semi-detached home priced at €350,000. Following Central Bank guidelines, they require a 10% deposit amounting to €350,000 for the purchase.
Through the Help-to-Buy incentive, they are eligible to claim a tax rebate of €30,000. Consequently, they only need to save an additional €5,000 deposit themselves, combining it with the rebate to secure a full deposit of €35,000.
Alternatively, if Jack and Kate were purchasing a property priced at €300,000, they could potentially obtain the entire 10% deposit, equivalent to €30,000, from the Help To Buy Scheme.
Note that if you sell or vacate the property within five years from the date you move-in, a portion or the entire rebate may need to be reimbursed. Reach out to our Sales team: sales@jsf.ie or check out https://www.citizensinformation.ie/en/housing/owning-a-home/help-with-buying-a-home/help-to-buy-scheme/ for more information.
4. How can I apply to the Help to Buy scheme? & How long does it take for HTB to be approved?
If you think you qualify for the Help to Buy scheme, then you should register with Revenue’s myAccount service on Revenue.ie where you will be told how much tax refund is available to you as well as apply.
An application typically takes 5 working days to process but it can vary.
There are five steps involved in making a claim and securing your refund.
The first is, as just mentioned, registering with Revenue’s myAccount service on Revenue.ie. To do this, you will need your Personal Public Service (PPS) number, date of birth, phone number, email, and home address. Self-assessed taxpayers must ensure full compliance.
Next, you need to complete a ‘Form 12’ tax return for each of the years on which you are seeking a rebate of tax paid.
To complete the online application process, you will need to upload a copy of the signed new home contract, provided by your solicitor, as well as details of the property, its purchase price, and the completion date.
You’ll also need to give information about the bank lending you the money for your mortgage. This includes telling them about any money you’ve already paid and how much you’re borrowing.
Then, you have to share details about the person or company building your house. That’s us, JSF Construction Ltd. After you submit your request, they’ll check these details. They’ll also make sure everything about the purchase is correct with the government. Once approved, we’ll take care of the rest.
For more information on the HTB scheme reach out to our Sales team: sales@jsf.ie or check out https://www.citizensinformation.ie/en/housing/owning-a-home/help-with-buying-a-home/help-to-buy-scheme/
As well as the Help to Buy scheme, you may be eligible for other government incentives and supports when purchasing your home such as the First Home Scheme. Check out more information in relation to the First Home Scheme here.
