The recent Budget has introduced a new Help-To-Buy scheme for first time buyers. This will provide a rebate of Income Tax paid over the previous 4 years to a maximum of 5% of the purchase price of a new home up to the value of €400,000. Pro rata rates will apply to lower priced houses. A Full rebate calculated on €400,000 will also apply to houses between €400,000 and €600,000. No rebate will be paid on new house purchases in excess of €600,000.

To qualify the property must be a new build and applicants must take out a mortgage of at least 80% of the purchase price. The scheme will run until the end of 2019.