First Home scheme
From Department of Housing, Local Government and Heritage
Published on
Last updated on
From Department of Housing, Local Government and Heritage
Published on
Last updated on
The ‘First Home’ scheme aims to bridge the gap for eligible purchasers between their deposit and mortgage, and the price of new home sold through the private market (subject to regional price ceilings reflecting median prices for the local first-time buyer market).
This scheme uses an equity share model to assist with eligible purchases. This means that the scheme will take a percentage equity stake in the home equal to the level of support provided to enable the purchase. If the scheme provides 20% of the funds for a purchase, for example, it will take a 20% equity interest in the home.
The scheme is primarily targeted at first-time buyers and self-builders who are seeking to buy a newly constructed home, but who cannot secure the full amount required from their mortgage and deposit.
Under the government’s ‘Fresh Start’ principle, people who are separated or divorced or whose relationship has ended, or who have undergone insolvency proceedings and have no interest in their former home, are also be eligible to apply for support through this Scheme.
The First Home scheme is open for applications. For more information on the scheme and how to apply, please follow the link below.