The scheme aims to help people secure a home by providing part of the purchase price in return for a minority equity stake.
A €400 million scheme to help first-time buyers afford newly built homes has opened for applications.
The 'First Home' shared equity scheme is a cornerstone of the government’s Housing for All plan.
It aims to help people secure a home by providing part of the purchase price of the dwelling in return for a minority equity stake.
The maximum stake the scheme will take is 20%, if the buyer is also availing of the Government’s separate Help to Buy scheme, and 30% if Help to Buy is not used.
The equity stake is free for the first five years followed by a cheap interest rate thereafter.
The scheme is open to first-time buyers of newly built houses and apartments in private developments anywhere in Ireland, and is currently only open to customers of AIB, Bank of Ireland and Permanent TSB.
It's planned that the scheme will facilitate the purchase of up to 8,000 homes over a five-year period.
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