The Help to Buy (HTB) scheme is an incentive for first-time property purchasers to help with the deposit needed to purchase or self-build a new house or apartment.
To be eligible for HTB, you must purchase or build the property to live in as your home.
A top Irish solicitor has explained exactly what you need if you wish to apply.
Terry Gorry said: "The Help to Buy Scheme is a scheme administered by the Revenue and is a very good scheme to get people on the property ladder.
"In order to claim it, you must; one be a first-time buyer, two buy or build a new property, three live in the home as a main home for five years after buying or building and four be tax compliant."
He added in the TokTok video: "The maximum is €30,000 for the house relief, €30,000 or five per cent of the purchase price or the amount of income tax and DIRT tax paid in the four years prior to the allocation.
"It's the lesser of those three, so the maximum you may be entitled to will be €30,000."
To qualify for HTB, you must not have previously purchased or built a house or apartment, either on your own or jointly with any other person.
If you are purchasing or self-building the new property with other people, all of them must be first-time purchasers.
If you have inherited, or have been gifted, a property, depending on the circumstances, it may not affect your eligibility.
The property's value must be €500,000 or less to qualify for HTB.
How to apply for HTB?
There are three stages to the online process: The application stage, claim stage and verification stage.
Before starting your application, you must ensure you are tax compliant. You can apply as an individual or as part of a group.
You can use myAccount or Revenue Online Service (ROS) to apply by completing the declaration and selecting the years you wish to use for a refund.
If you are tax compliant, your application will be approved, and you will be given:
- an Application Number
- a summary of the maximum amount you can claim
- an Access Code (sent through MyEnquiries).
You will then be asked to upload evidence of your mortgage, and if you are:
- purchasing a new property, upload a copy of the contract, signed and dated by the vendor and all purchasers
- self-building, upload:
- proof of the draw down of the first part of the mortgage
- a copy of the valuation report from your lender.
You need to confirm details about the:
- property
- purchase value or approved valuation
- date of completion
- mortgage
- amount of deposit already paid.
If you are applying with other people, you will also need to confirm the portion of the refund due to each person.
If you are self-building, you will need to provide the BIC and IBAN of the relevant bank account held with your mortgage provider.
Once you have submitted your claim, you will be provided with a Claim Number.
Before you receive any refund, the information you provided will be verified.
