The First Home Scheme, which was set up to make it easier for first-time buyers to afford a new build home, will be extended to thousands of more buyers with new increases in its price ceilings.
The €400m fund helps first-time buyers bridge the gap between their mortgage, deposit and the price of a new home as part of the Government's Housing for All strategy.
Today it published the outcome of the first of its scheduled twice-yearly reviews of the price ceilings that apply to qualifying homes.
Its first review will result in increases of up to €75,000 in 30 of Ireland's 31 local authority areas.
The changes will mean thousands of more first-time buyers will now qualify for the scheme.
These people would have been ineligible for the scheme until now if the price of their chosen home was above the price ceiling for their local authority area.
The new price ceilings will include houses with prices of up to €475,000 in the scheme, depending on their location.
The review also means that every new house valued at €325,00 or less will be eligible for the scheme, irrespective of its location in Ireland.
The new price ceilings will take effect from January 1.
The scheme is a joint venture between the State and AIB, Bank of Ireland and Permanent TSB, with an ability for other authorised mortgage lenders in the Irish market to join.
The First Home Scheme's chief executive Michael Broderick said that almost 2,000 people have expressed an interest in it so far, while over 500 approvals have been made across 23 counties in the scheme's first three months from July to September.
"We promised at our launch in July that we'd review the price ceilings twice a year and we’re delighted that, following our first review, we can now extend the Scheme to a whole new cohort of buyers," Mr Broderick said.
"For those who found themselves above the old limits, this is now a great opportunity for them to benefit from the Scheme in 2023," he added.
Minister for Housing, Local Government and Heritage Darragh O'Brien said the scheme is making a real difference for the people who have already used it to buy a home.
"The scheme is working effectively and it's great to see that the flexibility we've built into it allows it to extend its reach and help more people. It's an excellent support for renters who want to become buyers and ultimately helps them bridge the affordability gap," the Minister said.
