The Irish government has given the green light to pump an extra €100 million into the First Home Scheme, bringing the total fund to a whopping €580 million. Housing Minister Darragh O’Brien secured Cabinet approval for this significant expansion yesterday.
Launched in July 2022, the scheme offers first-time buyers a chance to get up to 30% of their new home’s cost covered by the government and participating banks, in exchange for a stake in the property.
According to The Journal, while over 11,000 buyers have shown interest and more than 5,400 have been approved, only 1,914 have purchased homes using the scheme so far. On average, each buyer receives about €65,803 in support.
However, not everyone’s cheering. Sinn Féin’s housing spokesperson Eoin Ó Broin has criticized the scheme, arguing it saddles buyers with “additional high-risk debt.” The party has vowed to scrap the initiative if they come to power.
As the housing crisis continues to grip Ireland, this move signals the government’s commitment to helping first-time buyers get a foot on the property ladder.