Buying your first home in Ireland can feel like an uphill battle. With rising property prices, strict lending rules and high deposit requirements, many first-time buyers struggle to get a foot on the ladder. That is where the Cost Buyer Scheme comes in.
More commonly known as the Help to Buy scheme Ireland, this government initiative provides financial relief for eligible first-time buyers. But how does it actually work? What are the real benefits? And most importantly, how can you apply?
In this guide, we break down everything you need to know about the Help to Buy scheme so you can make an informed decision and move one step closer to owning your dream home.
What Is the Cost Buyer Scheme?
The Cost Buyer Scheme is the term often used to describe the Help to Buy scheme in Ireland. This government-backed initiative aims to help first-time buyers cover the deposit required to purchase a new home. It does this by offering a tax rebate based on the income tax and DIRT (Deposit Interest Retention Tax) paid over the previous four years.
The amount available under the scheme can be up to €30,000 or 10 percent of the purchase price of the property, whichever is lower. This rebate is then used to reduce the amount of savings a buyer needs to put down as a deposit.
Who Can Apply for the Cost Buyer Scheme?
The scheme is specifically designed to support first-time buyers. However, there are several conditions you must meet to qualify:
- You must be a first-time buyer purchasing or building a new property.
- The property must be your main residence.
- The purchase price must not exceed €500,000.
- You must be borrowing at least 70 percent of the property value.
- You must have paid sufficient income tax and/or DIRT over the past four years.
- You must be tax-compliant with Revenue.
If you are buying with a partner, both applicants must be first-time buyers.
How the Help to Buy Scheme Supports First-Time Buyers
One of the main barriers to home ownership is saving for a deposit. The Help to Buy scheme provides first-time buyer support in Ireland by easing this financial burden.
For example:
- A couple buying a house worth €280,000 would normally need a 10 percent deposit of €28,000.
- If they qualify for the full 10 percent rebate, they could receive up to €28,000 from the scheme.
- This amount goes directly towards the deposit, meaning they may not need to save anything extra.
This support makes a significant difference, especially in a competitive housing market where cash savings can take years to accumulate.
Step-by-Step: The Help to Buy Application Process
Applying for the Cost Buyer Scheme is relatively straightforward if you follow the correct process. Here’s a breakdown of what you need to do:
Step 1: Register with Revenue
You must have a MyAccount with Revenue (or use ROS if you are self-employed). Log in and go to the Help to Buy section to begin your application.
Step 2: Submit Your Application
You will need to provide details about your income, the property, and your mortgage. Revenue will then calculate how much you are eligible to claim.
Step 3: Receive Your Access Code
Once your application is approved, you will be issued with an application number and access code. These are required by your solicitor or builder to finalise the claim.
Step 4: Final Claim Submission
Your solicitor or developer will submit the final claim on your behalf once the purchase is ready to complete. The rebate will be paid directly to the property developer (or to your solicitor if it is a self-build).
Following the correct Help to Buy application process ensures you do not experience unnecessary delays or complications.
The Real Benefits of the Cost Buyer Scheme
There are several reasons why the scheme has been so popular among first-time buyers in Ireland:
- Reduces the financial pressure of saving for a deposit
- Encourages the construction of new homes
- Simplifies the buying process by offering a clear rebate structure
- Fast turnaround from Revenue once documentation is approved
In addition to these benefits, the scheme has the backing of the Irish government and is currently available until the end of 2025. However, the availability and terms of the scheme can change, so it is worth applying sooner rather than later.
Key Things to Keep in Mind
Although the Cost Buyer Scheme offers a range of advantages, there are also some limitations and things to consider:
- The scheme does not cover second-hand properties or investment purchases.
- You must be fully tax compliant to receive the rebate.
- The scheme can only be used if your mortgage is at least 70 percent of the property value.
- You must apply before signing the final contract or drawing down your mortgage.
Understanding these limitations will help you make sure the scheme is right for your situation and avoid any costly mistakes.
How the Scheme Is Boosting the Irish Housing Market
The Help to Buy scheme has had a noticeable impact on the Irish property market. By increasing affordability for first-time buyers, it has driven demand for new build properties and encouraged more developers to build homes tailored to this segment of the market.
As more buyers are able to access support, there is growing pressure to maintain a balance between housing supply and demand. If you are considering buying, it is wise to act while the scheme is still available and market conditions remain favourable.
Final Thoughts: Is the Cost Buyer Scheme Right for You?
If you are a first-time buyer in Ireland and looking for financial assistance with your deposit, the Cost Buyer Scheme could be the opportunity you need. With potential savings of up to €30,000, the scheme offers meaningful support and helps you move closer to homeownership.
However, success depends on understanding the eligibility rules, completing the application process correctly, and acting within the current window of availability.
Ready to Take the Next Step?
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