Minister James Browne announces additional €30 million in funding and extension to 2027 of First Home Scheme
- Published on: 13 May 2025
- Last updated on: 13 May 2025
Minister for Housing, Local Government and Heritage, James Browne has today announced that the government has extended the First Home Scheme to June 2027, and committed a further €30 million to the Scheme.
The First Home Scheme, which launched in July 2022, is a shared equity scheme, designed to help bridge the gap for eligible first-time buyers, eligible homebuyers, and self-builders, between their deposit and mortgage, and the price of their new home, within price ceilings established across the country.
Use of the scheme amongst first time buyers increased significantly in Q1 2025 as reflected in the number of new applications to the scheme (858 up 49% on Q4 2024) and approvals (727 up 51% on Q4 2024). In total, over 15,300 have registered their interest in the Scheme and 6,700 buyers have been approved since the Scheme was launched.
Minister for Housing James Browne said:
“I want everyone to be able to afford their own home. This is something that should be within reach for people, and this scheme is one of the ways we are making that possible. For many young people, and those of all ages, this scheme has been essential to bridge the gap for people between the mortgage available, their deposit, and the price of a home. The initiative has been a key support for First Time Buyers, with over 6,700 applicants approved for funding since it launched, the Scheme has succeeded in responding to affordable housing needs in every county across the country to date, and has allowed so many to gain the keys to a permanent home.
"The additional funding I am making available will enable more people to open the door to their new home - providing certainty both to people who are looking to buy a home and to the housing sector. The funding will allow the Scheme to operate until at least June 2027 so that it is sufficiently resourced."
The First Home Scheme is available to first time buyers, or those making a fresh start, who have mortgage approval with a participating lender.
The additional €30 million funding announced today will bring the total State commitment to the Scheme to €370 million. This will be matched 50:50 by the participating banks, and will bring the total commitment to the scheme to €740 million.