First Time Buyers

Government Grant

A first-time buyer's grant of €3,809 is available when buying a new house or apartment. A cheque is issued to you by the Department of Environment after you move into your new home and can take up to 12 weeks, to receive.

·         The house or apartment must be new and have had no previous tenants. 

·         It must be your main residence i.e. you own and live in the property.

·         It must be the first home you have bought and if you are buying with someone else, it must be the first home they have bought too.

·         It must conform to the Department of the Environment and Local Government technical standards. The floor area should be at least 35 square metres (377 square feet) and no more than 125 square metres (1,346 square feet)

Some Lending Institutions will cover the first time buyers grant for you without you having to wait up to 12 weeks, and reclaim it back themselves from the Dept.

Tax Relief

The following are the 2004 tax relief limits in respect of first time home buyers.

Asingle first time buyer can for example get tax relief on annual interest paid up to €4,000, giving actual savings at 20% tax rate of €800. A married first time buyer would obtain actual savings of €1,600 p.a.

Stamp Duty

The following are the relevant Stamp Duty rates applicable from 2nd December 2004 for first time buyers of both new houses and second-hand housers.

The floor space of an exempt property must not exceed 125 square metres (1,346 square feet). All new properties that meet this requirement, are exempt of stamp duty.