First Home Scheme Ireland: Eligibility, Limits & How to Apply

Imagine you’ve found the perfect new home in Ireland, but the deposit you’ve saved covers only 10% of the price — and the bank’s mortgage offer still leaves a gap worth tens of thousands of euros. That’s exactly the hole the First Home Scheme (FHS) was designed to plug: a government-backed shared equity programme that can cover up to 30% of the purchase price.

Maximum equity share: 30% · Maximum property price (Dublin): €500,000 · No income limit for FHS · Minimum deposit: 10% · Participating lenders: 5

Six key facts about the First Home Scheme, one pattern: the scheme is designed to fill the deposit gap, but only within strict county price ceilings and only for new builds.

Who qualifies for the First Home Scheme?

Income and citizenship requirements

Unlike many other government schemes, the First Home Scheme does not impose a household income cap. According to the First Home Scheme eligibility page, there are no upper or lower income limits. What matters instead is your borrowing capacity: you must have mortgage approval from a participating lender and borrow the maximum available (up to 4 times your income).

• You must be over 18 years of age.
• You must be a first-time buyer (never purchased or built a home in Ireland for your own occupation) or a “fresh-start” applicant — someone who has previously owned a home but is now divorced, separated, or insolvent.
• You cannot use a Macro Prudential Exception (MPE) with a participating lender.

The catch: Your salary doesn’t disqualify you in itself, but the bank’s lending rules still cap how much you can borrow — and that cap determines whether the FHS can fill the remaining gap.

Property type and location eligibility

The property must be a new build — either a house or apartment — or a currently rented home facing termination (for fresh-start applicants). The home must be your principal residence and located in a private development. For self-builds, you must own or be purchasing the site. Crucially, the purchase price must fall within the local authority’s price ceiling.

• Dublin and Wicklow: up to €500,000 (Switcher.ie mortgage guide)
• Cork, Kildare, Louth, Meath: up to €400,000
• Many rural counties (Donegal, Carlow, Longford): €375,000

The ceilings are based on median prices for first-time buyers in each area and are updated regularly. If the price exceeds the ceiling for your local authority, you cannot use the FHS.

How much deposit do I need for a €300,000 house?

Minimum deposit under Central Bank rules

The Central Bank of Ireland requires a minimum deposit of 10% of the purchase price for first-time buyers. That means for a €300,000 home, you need €30,000 saved. But with the First Home Scheme covering up to 30% of the price, the amount you actually need in cash is the same — the scheme covers the gap above your mortgage, not the deposit itself.

How the First Home Scheme reduces the deposit gap

Here’s how it works in practice: Your mortgage covers the loan amount (based on 4× your income), you put down 10% deposit, and the FHS steps in with shared equity for the rest. For a €300,000 house with a combined income of €87,500 (joint), you could borrow €350,000 — enough to cover the entire price without FHS. But for lower incomes, the gap appears.

Example from the FHS eligibility page: Joint salary €87,500 → maximum mortgage €350,000 (4×) → €450,000 property → shortfall of €55,000 (12.22%), which the FHS meets.

What this means: The 10% deposit is always your responsibility. The FHS covers the equity gap between your mortgage + deposit and the full price.

What grants can I get as a first-time buyer in Ireland?

Help to Buy scheme

The Help to Buy (HTB) scheme offers a tax refund of up to 10% of the purchase price, capped at €30,000. It’s available for first-time buyers purchasing new builds. The refund is based on income tax and DIRT paid over the previous four years. According to the Revenue Commissioners HTB page, you must have a mortgage approved for at least 70% of the property value to qualify.

First Home Scheme

The FHS is a shared equity product, not a grant. The government takes a stake of up to 30% (or 20% if used with HTB) in your home. You don’t pay interest or rent on that stake for the first 6 years. The FHS FAQ clarifies that the equity share must be repaid when you sell the property or after 6 years, whichever comes first.

Local authority affordable purchase schemes

Some local authorities run affordable purchase schemes for first-time buyers, offering homes at reduced prices. Eligibility and availability vary by county. The Citizens Information affordable housing page provides an overview of these schemes, which can be combined with FHS or HTB in some cases.

What are the biggest first-time home buyer mistakes?

Overestimating borrowing capacity

Many first-time buyers assume they can borrow more than the 4× income cap allows. The Central Bank’s lending rules are strict, and banks rarely exceed this multiple. Check your borrowing power with a FHS eligibility calculator before house hunting.

Skipping pre-approval

Without mortgage pre-approval, you can’t apply for the FHS. The scheme requires a formal mortgage offer from a participating lender. Getting pre-approval early saves time and prevents disappointment.

Ignoring hidden costs

Stamp duty, solicitor fees, survey costs, and moving expenses add up. First-time buyers get an exemption from stamp duty on homes up to €1 million, but other costs remain. Budget for at least 3-5% of the purchase price in additional fees.

What am I entitled to as a first-time buyer?

Help to Buy tax refund

You can claim a refund of up to 10% of the purchase price (max €30,000) on income tax and DIRT paid over the previous four years. This is available for new builds only. The Revenue HTB page has a calculator to estimate your refund.

First Home Scheme shared equity

The FHS provides up to 30% shared equity for new builds within county price ceilings. You don’t pay interest on the equity for the first 6 years. The scheme is available through five lenders: AIB, Bank of Ireland, EBS, Haven, and ICS Mortgages.

Exemption from stamp duty (under €1M)

First-time buyers are exempt from stamp duty on homes valued up to €1 million. This saves up to 1% of the purchase price. For a €350,000 home, that’s €3,500 saved.

Related reading: Australian Retirement Fund – Basics, Rules and 2025 Updates · Tax Return 2025 – Key Deadlines and Filing Guide

For a detailed breakdown of income limits and county price ceilings, refer to the First Home Scheme eligibility guide.

Frequently asked questions