First time buyer: Can we use both the Help to Buy and First Home schemes?
Q: My partner and I have mortgage approval and have saved a deposit for a new-build home. We hope to get Help to Buy too, but we’re still around €35,000 short of the asking price. A friend suggested the First Home Scheme. Can we use both, and what should we watch out for?
Aoife, Kildare
Buying your first home is exciting, but working out how to bridge that final funding gap can be confusing. The good news is that, if you meet the relevant conditions, you may be able to use Help to Buy and the First Home Scheme together. However, the schemes work differently, so it’s important to understand what each could mean for you now and in the future. Carve out some quiet time some weekend to sit down together and work through it all.
The Help to Buy scheme could provide up to €30,000 towards the deposit on an eligible new-build home. The amount you can claim depends on your circumstances and the Income Tax and DIRT you have paid in recent years. You can check your eligibility and apply through Revenue’s myAccount.
If you still have a gap between your deposit, mortgage and the price of the home, the First Home Scheme may help make up some of the difference. When used alongside Help to Buy, it can provide up to 20% of the purchase price, subject to eligibility conditions and local property-price limits.
The key thing to understand is that the First Home Scheme is not a grant or a traditional loan. In return for contributing towards the purchase price, the scheme takes an equity share in your home, meaning the State owns a percentage of the property.
You can buy back some or all of this share in the future. However, the amount you pay will be based on what your home is worth at that time. If the property increases in value, the cost of buying back the share will also rise. No service charges apply for the first five years, but they begin from the start of year six.
While using both schemes could help you bridge today’s €35,000 gap, consider what the equity share could cost in the future and whether you are likely to be able to buy it back. Remember to include stamp duty, legal fees, insurance, surveys and moving costs in your overall budget too.
You might want to thank about getting independent financial and legal advice as well: it can help you understand whether the First Home Scheme is right for your circumstances. The first-time buyers guide on ccpc.ie also explains the Government supports available, the costs involved in buying a home and the key questions to consider before making a decision.
Originally published in the Sunday Independent on 6 September 2026: Your questions answered: ‘We’re €35k shy of the price of a house. Will the First Home Scheme help us bridge that gap?’ | Irish Independent
