First Home Scheme: 750 approvals for First Home Scheme since July launch
Dublin: Only 750 people have applied for the government’s much-anticipated First Home Scheme, which was launched last July.
To make the scheme more appealing, the loan limit was raised to 75,000 euros. This allows for the purchase of houses up to 475,000 euros and apartments up to 500,000 euros. However, the figures say that the scheme is not popular enough.
People are averse to the scheme, which is jointly organised by three banks—AIB, BOI, and Permanent TSB—and the government to help first-time home buyers. The joint scheme assists buyers in bridging the mortgage, investment, and house price gaps. The scheme offers a maximum of 75,000 euros.
335 houses were contracted out of a total of 750 applications received. 137 people have moved into new homes. There are currently 254 applications being processed. These are also expected to be approved shortly.
A quarter (27%) of applications to the scheme came from Kildare (202). There were also applicants from Dublin (26%, 194) and Cork (15%, 112). Counties Roscommon, Leitrim, and Longford had no applicants. So far, the average price of homes accepted into the scheme is €370,000. The scheme also offers assistance up to a maximum of 71,000 euros.
More applicants are expected in the coming days, according to Housing Minister Darragh O’Brien. According to Chief Executive Michael Broderick, the scheme is on track.
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