Help-to-Buy applicants should contact Revenue to enquire if they are eligible for the newly enhanced scheme – Brophy

First time buyers who have already applied for the Help-to-Buy scheme and are waiting on a decision should contact Revenue to find out if they are eligible for the newly enhanced scheme, a Fine Gael Minister has said.

Minister Colm Brophy, who is a Fine Gael TD for Dublin South West said, “I would urge all who are considering buying a first time home to apply for the enhanced Help-to-Buy scheme, including those who may have previously applied for the original scheme and are waiting on a decision.

“The Help-to-Buy scheme is designed to stimulate demand from first time buyers for new houses in the housing market, to encourage house completions and to assist first time buyers in accumulating a deposit for a new home.

“Changes have been made to the scheme as part of the July Stimulus, the Government’s plan to help boost Ireland’s economy in the context of COVID-19.

“These changes have been promoted by Fine Gael for quite some time and were included in our election manifesto. It means that first time buyers can avail of increased support, whichever is the lesser option of:

• €30,000 (increased from €20,000),
• 10 per cent (increased from 5 per cent) of the purchase price of a new home/self-build property, or,
• the amount of Income Tax and DIRT paid in the four years before the purchase or self-build.

“Revenue is currently updating the system to give effect to the new enhanced Help-to-Buy relief. Current applicants who had applied before the enhanced scheme was announced may be entitled to the enhanced relief so it’s important they clarify this with Revenue to ensure they don’t miss out on the increased level of support.

“Where applicants have made an application with Revenue but believe they may satisfy the requirements of the newly enhanced relief, then, when the Revenue system is updated to cater for the new enhanced relief, the applicants will need to cancel their original application and reapply to avail of the increased relief.

“I would urge all current and future applicants to try and avail of this fantastic scheme at the enhanced rate before the end of 2020. Over the period of existence of the scheme, Help to Buy has provided support to First Time Buyers in respect of the purchase of some 18,899 new build homes at a cost of €281.9 million,” Minister Brophy concluded.