First-time buyer refund scheme ‘almost laughable’

A much-heralded Government initiative aimed at helping first-time buyers onto the property ladder has been described as “almost laughable” by a consumer expert, given current interest rates.

The deposit interest retention tax (Dirt) relief applying to deposits up to the value of 20% of the purchase price of a new house announced as part of last year’s budget is not worth enough to people to entice them into claiming their refund, according to Simon Moynihan of www.bonkers.ie

“With interest rates as low as they are right now, in general, the whole notion of the Dirt refund was almost laughable,” Mr Moynihan said. It was something that was hardly likely to cause any major ripples or really have a boost to anyone’s finances.