How it works

When your maximum mortgage plus your deposit still doesn't reach the purchase price of a new Dublin apartment, the First Home Scheme bridges that exact shortfall. The government and participating banks step in as silent partners, funding the difference in exchange for an equity stake in the property. It allows you to secure a home on your own terms right now, without being forced out of the city or spending years trapped in the rental cycle while property values move further out of reach.

The rules

The scheme funds up to 20% of the purchase price if you pair it with the Help to Buy scheme, or up to 30% if you use it on its own. Because this is a shared equity arrangement rather than a traditional commercial loan, it costs you absolutely nothing for the first five years. A small service fee applies from year six onwards, but you have total flexibility to buy back the equity stake whenever your finances allow down the road. For a new apartment in Dublin, the maximum eligible purchase price is exactly €500,000.

The maths

Let’s look at a new Dublin apartment priced at the maximum €500,000. You have your 10% deposit of €50,000 ready using a mix of your own savings and the Help to Buy tax refund. However, based on standard salary lending rules, your bank approves you for a maximum mortgage of €400,000.

Combined, you have €450,000, leaving you exactly €50,000 short. The First Home Scheme pays that €50,000 shortfall for you. Because €50,000 is exactly 10% of the total price, the scheme takes a 10% equity stake in the property. Your monthly mortgage payment is based only on the €400,000 you borrowed from the bank, and you pay zero service fees on the state's 10% stake for the first five years.