Rules and eligibility

You can find full details of the FHS as well as examples under the Guides/Resources section of the website, where we have a Homebuyers Guide for you to download and review.

We have created an eligibility calculator on our website which will assist you in determining whether you are eligible for the FHS, and it can advise you of the maximum funding that may be available to you from the FHS in the form of an equity share.

To be eligible for the FHS you must:

• be over 18 years of age
• be a first-time buyer or an eligible homebuyer (see below)
• have a Mortgage Approval from a Participating Lender
• borrow the maximum mortgage amount available to you from a Participating Lender (up to 4 x your income)
• You cannot avail of a Macro Prudential Exception (MPE) from your Participating Lender i.e., borrow more than 4 x your income
• agree to a minimum equity share of 2.5% of the property purchase price, or €10,000, whichever is higher
• have a minimum deposit of 10% of the property purchase price
• purchase a property intended as your Principal Private Residence
• purchase a newly built house or apartment in a private development in the Republic of Ireland
• purchase a property within the property price ceilings based on local authority area

You may also be an eligible homebuyer if you have previously purchased or built a property in the Republic of Ireland:

• with a spouse, civil partner, or partner, and that relationship has ended. You must not retain a beneficial interest in the previous property, or
• you have sold (or divested of) that property as part of a personal insolvency or bankruptcy arrangement, or other legal process as a consequence of insolvency

Central Bank of Ireland (CBI) measures set ceilings on the amount of money that can be borrowed to buy residential property using Loan to Value (LTV) and Loan to Income (LTI) limits. Banks and other lenders have the freedom to lend a certain amount above these limits. This is known as a macro-prudential measure exception. If offered an MPE by your Participating Lender and you also qualify for the FHS, you must decide which one you wish to avail of, as you cannot avail of both. If offered both, you should discuss this with your financial adviser to determine which is the best option for you.

No. There is no upper or lower household income limit to be eligible for the FHS. Income is not considered for the FHS.

A house or apartment, which you own and occupy as your only residence.

In limited circumstances, some absences are considered as living in the property - if you are working abroad, or your home remains unoccupied while you are receiving care in a hospital, nursing home or convalescent home/resident in a retirement home on a fee-paying basis.

The FHS allows you to purchase a newly built house or apartment in a private development within the Republic of Ireland. There are maximum property price ceilings for each local authority area. Self-builds and second-hand properties are excluded from the FHS.

*For the purposes of the First Home Scheme, duplexes fall within house price ceilings.

The FHS property price ceilings are regularly reviewed and may be subject to change.

A first-time buyer is a person who has not previously purchased or built a dwelling in the Republic of Ireland for his or her occupation and does not own, or is not beneficially entitled to an estate or interest in, any dwelling in the Republic of Ireland or elsewhere and has a right to reside in the Republic of Ireland.

No. The FHS is only available to homebuyers who have not inherited a property in or outside of the Republic of Ireland.

No. The FHS is only available for those homebuyers who have not purchased a property in or outside of the Republic of Ireland.

When someone goes through a personal insolvency process, they may have to sell their home or give up their interest in the home as part of that process. Someone who has exited the process therefore, no longer has any financial interest in the property and is eligible for the Scheme.

Yes. Your joint application can be completed online via our website. Alternatively, you can contact our agents on 0818 275 662 and we will send you an application form to complete.

The minimum equity share under the FHS is 2.5% of the property purchase price, or €10,000, whichever is higher.

For example:

Property purchase price - €450,000
Minimum funding amount of 2.5% - €11,250.

The Help to Buy Scheme (HTB) is a Government of Ireland incentive that helps eligible first-time buyers with the deposit required to purchase a new house or apartment for €500,000 or less. Eligibility for HTB is assessed by the HTB and is separate from the FHS. If you are availing of the HTB, the maximum amount you may be eligible for from the FHS will be 20% of the property value.

For example:

Property purchase price - €450,000
Maximum funding of 20% available from the FHS if availing of HTB - €90,000.

The maximum equity share available under the FHS is 30% of the property purchase price if not availing of HTB.

For example:

Property purchase price - €450,000
Maximum funding of 30% available from the FHS if not availing of HTB - €135,000.

No. Self builds are not eligible for the FHS at this time.

Yes. The next step is for you to register on the FHS customer portal and complete your application.

The FHS is designed to bridge any funding gap that eligible homebuyers may have between their deposit and mortgage, and the price of a new home. If you already have a Letter of Offer from a Participating Lender, you will not be eligible for the FHS for that specific property as there is no shortfall in funds. You may be eligible for the FHS for a different property but will need to make a new mortgage application to apply for the FHS.