First-time buyers' Help-to-Buy scheme opens for applications today
Published 03/01/2017 | 07:07
The new Help-to-Buy scheme for first-time buyers, announced in the Budget last October, opens for applications today.
First-time buyers can recoup up to €20,000 in a tax refund to put towards the cost of purchasing a property.
Just last week, the Central Bank said that first-time buyers would only need a 10pc deposit, no matter what value the property is, under new relaxed rules.
New buyers also qualify for a 5pc rebate under the Government's help-to-buy scheme for new homes.
This means they could acquire a new property with a deposit as low as 5pc.
But those who previously bought property need a 20pc deposit.
It has been claimed that people that need to move home to support a growing family are being discriminated against by rule changes and the Government's help-to-buy schemes, it has been claimed.
Experts said the changes to Central Bank mortgage rules and the Government's help-to-buy scheme has left second-time buyers at a massive disadvantage in the property market.
New buyers would be able to bid more, squeezing out existing owners who needed to move house for a job or to accommodate an expanding family.
Meanwhile, the latest house price report by popular property website Daft.ie found that house prices rose on average by 8pc over 2016.