First Home Scheme Ireland Eligibility Guide

If you are hunting for your own place, the First Home Scheme Ireland is something you have probably heard about. It is a shared equity scheme that helps first time buyers bridge the gap between what they can borrow and the purchase price of a new home. Grand, isn't it? Right so, let us walk through the eligibility rules because, to be honest, the details can get a bit tangled otherwise.

I remember talking to a mate of mine, Eoin, about it last year. He was renting in Dublin, paying a fortune every month, and he couldn't believe the scheme was real. "Fair enough," he said, "but am I actually eligible?" It turned out he was, but only after we sat down and went through the small print. So here is your eligibility guide, written in plain Irish English, no jargon, just the facts you need.

What Is the First Home Scheme Ireland?

The First Home Scheme Ireland is a government backed shared equity initiative. It essentially gives you a stake in your new home so you don't need as big a deposit or as high a mortgage. According to the RTB, the scheme is designed to help people who cannot quite reach the market on their own. The government and participating lenders take a share of the property, and you buy them out over time or when you sell. Simple in theory, but the eligibility rules are what matter.

Who Is It For?

The scheme is for first time buyers and also for what they call "fresh start" applicants. A fresh start means you previously owned a home but now you are in a position to buy again after a separation, divorce, or insolvency. The CSO reported that home ownership rates among younger adults have dropped in recent years, and this scheme is one of the main tools to reverse that trend.

You need to be 18 or older. You need to be buying a new build property, either a house or an apartment, and it must be your primary residence. No holiday homes, no investment properties. And the property must have a floor area of no more than 150 square metres for a house or 90 square metres for an apartment. Fair enough.

Key Eligibility Criteria for the First Home Scheme Ireland

Let us break down the main boxes you need to tick. I have listed them here so you can go through them one by one.

• First time buyer or fresh start. You cannot currently own a home or have owned one in the past (unless you qualify as fresh start).
• Mortgage approved. You must have approval in principle from a participating lender for at least 70% of the property price. The lender will confirm you cannot borrow the full amount.
• Deposit ready. You need a minimum deposit of 10% of the purchase price. The scheme can then cover up to 30% of the price, with the remaining 60% coming from your mortgage.
• Property value cap. The price of the home cannot exceed the regional price limit. For example, in Dublin and some surrounding areas, the cap is €475,000. In other counties it is lower. Check the official table because it changes.
• Income limit. Your joint gross income (if buying with someone) must be no more than €75,000 for a single applicant or €100,000 for joint applicants. That is per year, before tax.

Practical tip: Before you apply, use the eligibility calculator on the First Home Scheme website. It will ask for your income, deposit, and property price, and tell you in about two minutes whether you meet the criteria. I did it with Eoin and it saved us hours of head scratching.

Right so, once you know you fit the basic criteria, the next step is to understand what kind of property you can buy.

What Properties Qualify?

The First Home Scheme Ireland only applies to new builds. That means houses or apartments that have not been lived in before, or that are being built by a developer under a Part V agreement. It also covers self builds, but only if you are building your own home. You cannot use it for a second hand home, no matter how much you love the character.

To be honest, this limitation is one of the main reasons people get tripped up. They see a lovely semi D in an estate that was built two years ago but never occupied. If it is still unsold and unoccupied, it should qualify, but you need to check with the developer. So always ask: is this a new build under the scheme? If the answer is no, you are out of luck.

Regional Price Caps

The caps vary by county. Here is a quick breakdown of some popular areas (figures are for reference, always check the latest official list):

• Dublin, Cork City, Galway City: up to €475,000
• Kildare, Meath, Wicklow: up to €425,000
• Most other counties: up to €325,000 to €375,000

If the property you want costs more than the cap for your area, the scheme cannot be used. You would have to cover the difference with your own funds, and that often makes the whole thing unaffordable. Grand, so keep the cap in mind from day one.

How to Apply for the First Home Scheme Ireland

Applying is not as scary as it sounds. You do not apply first. You find a property, get your mortgage approval, and then you apply to the scheme. It is a bit like a second mortgage application. You will need your mortgage approval letter, proof of deposit, and proofs of income. The scheme's administrators will review everything and issue a letter of commitment.

Look, I am not going to pretend it is instant. The process can take a few weeks. But once you have the commitment letter, you can go ahead and sign contracts. The scheme takes a share of the property equity, usually around 20% to 30%, and you do not pay interest on that share for the first five years. After that, you start paying a service charge, or you can buy back the share in chunks.

Anyway, if you want to browse homes that might work with the scheme, check out our properties section. You can filter by new builds and price range. It is a handy starting point.

What Happens When You Sell or Buy Back?

When you sell the property, the scheme gets its share back from the sale proceeds. If the value goes up, they share in the gain. If it goes down, they share in the loss. That is fair enough, because they are taking the risk with you. Alternatively, you can buy back the equity in stages. Many people choose to do this after five years when the service charge kicks in. You can also refinance your mortgage to include the buyback.

The CSO reported that house prices rose by about 11% in the year to mid 2026 in some areas, so if you buy using the scheme and property values increase, your buyback could be more expensive. But at least you are on the ladder. To be honest, for most people it is better than renting forever.

Common Questions and Myths

I often hear people say the First Home Scheme Ireland is just for people in Dublin. Not true. It is available nationwide, though the price caps are lower in rural areas. Another myth is that you lose control of your home. No, you are the owner. The scheme is just a silent partner. You still decide when to renovate, when to sell, and so on.

If you are thinking of renting out a room to help with the mortgage, you can do that too, up to the rent a room relief limit. Just make sure you tell your mortgage lender. And by the way, if you need to find a tenant or look at rental options yourself, have a browse of our rental listings.

One more thing: the scheme is not a grant. It is a loan of equity. You do have to pay it back eventually. Make sure you understand that before you sign anything. A good mortgage broker can walk you through the figures. I always recommend talking to one, even if you think you are sorted.

What About Buying a Car with the Saved Deposit?

Look, I know after saving for years for a deposit, you might be tempted to treat yourself. But do not blow your savings on a new set of wheels. The scheme needs a 10% deposit. If you have your eye on a second hand motor, check out our cars section for something affordable. Keep the deposit safe.

Final Thoughts on the First Home Scheme Ireland

The First Home Scheme Ireland is a genuine opportunity for people who thought they would never own a home. It is not perfect, and the rules are strict, but if you fit the criteria you would be mad not to consider it. I have seen it work for Eoin. He now lives in a three bed semi in Kildare, thanks to the scheme and a bit of patience.

To get started, register your interest with a participating lender first. Then head over to Findivo.ie to register for property alerts. We will send you new builds in your area as soon as they hit the market. It is how Eoin found his place. Fair enough, it took a few months, but it was worth the wait.

Right so, best of luck. And if you have any more questions, drop us a comment or check the official First Home Scheme Ireland website for the most up to date info. The CSO and RTB are also good sources for market data. Happy house hunting.

Frequently Asked Questions

What is the First Home Scheme Ireland?

It's a government-backed shared equity scheme that helps first-time buyers purchase a new home by taking an equity stake of up to 30%.

Who is eligible for the First Home Scheme?

First-time buyers or certain 'fresh start' applicants, buying a new home in Ireland with an annual income up to €70,000 (or up to €90,000 for qualifying couples).

What is the maximum help available?

The scheme can provide up to 30% of the property price or €100,000, whichever is less, subject to a cap of €475,000 for the total property price.

Do I need to repay the equity immediately?

No, you do not repay until you sell the home or after 35 years, if you have not sold it before then.

Can I use the scheme with other supports like HTB?

Yes, the First Home Scheme can be used alongside the Help to Buy (HTB) and new local authority Affordable Purchase Schemes, subject to maximum limits.