The scheme, designed to assist first-time buyers in closing the gap between their mortgage, deposit, and the cost of a new home, has seen significant success since its launch over two years ago. To date, 5,400 buyers have been approved. Notably, applications have surged, with a 43% increase in new applicants during the first half of 2024 compared to the same period last year.
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Minister O’Brien said: "The First Home Scheme has been a big success in making home ownership a reality for people who otherwise would have been unable to bridge the affordability gap between their mortgage, deposit and the price of a new home. With today's announcement of increased funding, the scheme will extend its reach, turning the aspiration of owning a home into reality for even more people.
"The announcement of increased funding ensures that the scheme is sufficiently resourced, paving the way for first-time buyers, new home builders, and those embarking on a fresh chapter in life to become home owners. In light of the success of the scheme to date, work is underway to consider extending the scheme past 2026."
