Revised help-to-buy scheme comes into effect

The revised help-to-buy scheme, designed to help first-time buyers get on the property ladder, comes into effect today.

The scheme, which was part of the Government's €7 billion stimulus package last month, is now open for applications through Revenue's online portal.

First-time buyers, or those building a house, can claim a tax rebate of €30,000 for the purchase price of a new-build or self-build house or apartment. This is up from €20,000 when the scheme was first introduced.

First-time buyers can now claim a tax rebate worth up to €30,000.
First-time buyers can now claim a tax rebate worth up to €30,000.

The maximum rebate is 10% of the value of the property or €30,000, whichever figure is lower. The rebate is only applicable to properties valued at €500,000 or less.

This essentially means that you can claim the maximum rebate of €30,000 if you buy a house valued at €300,000, if you buy a house valued at €400,000, the rebate will be capped at €30,000.