Additional €100m in funding pledged for First Home Scheme

The First Home Scheme was established to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home

Housing Minister Darragh O'Brien made the announcement on Wednesday, saying the funds will extend the reach of the scheme assisting more people on their path to home ownership. File picture: Larry Cummins

An additional €100m in funding has been pledged for the First Home Scheme as the Government considers extending the scheme past 2026.

Housing Minister Darragh O'Brien made the announcement on Wednesday saying the funds would extend the reach of the scheme assisting more people on their path to home ownership.

The First Home Scheme, which was launched over two years ago, was established to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home.

To date, it has seen 5,400 buyers approved and interest in the scheme in the first six months of the year is up more than 40% on the same period last year.

"Today's 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," Mr O'Brien said.

Minister of State at the Department of Housing Malcolm Noonan said the funding announcement underpinned the strong uptake there has already been.

"It also means that those considering using the scheme in the future can have confidence that it will continue to be an option for them," he said.