How the scheme aids buyers and builders
Introduced in Budget 2017, Help to Buy is designed to help first-time buyers secure the deposit needed to purchase a home, which they must live in for at least five years. It is also aimed at boosting construction of new properties.
A refund of income tax and Dirt paid over the previous four years, up to a maximum of 5pc of the purchase price of a home, can be claimed. The relief is capped at €20,000.
It only applies to new build properties, either sold by a developer, or built by the applicant. Homes purchased between July 19 and December 31, 2016, costing up to €600,000 qualify for the relief. An upper price limit of €500,000 applies for homes bought after January 1, 2017.
Claims are submitted online, and the information must be verified by a qualifying contractor register for the scheme, or a solicitor acting on behalf of the self-builder.