How the Help to Buy Scheme Works: A Clear Guide to the Cost Buyer Scheme

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Getting on the property ladder can feel overwhelming, especially for first-time buyers. Rising house prices, stricter lending rules, and upfront deposit demands are major hurdles. Fortunately, the Cost Buyer Scheme, better known as the Help to Buy scheme in Ireland, offers crucial government support to help you secure your first home.

In this guide, we’ll break down exactly how the Help to Buy scheme works, who qualifies, and how you can apply. If you’re a first-time buyer looking for practical solutions and real savings, this article is for you.

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What Is the Cost Buyer Scheme?

The Cost Buyer Scheme refers to a government-backed initiative aimed at helping first-time buyers afford a newly built home in Ireland. Officially known as the Help to Buy scheme, it provides a tax rebate to eligible buyers.

In simple terms, the scheme gives you back a portion of the income tax and DIRT (Deposit Interest Retention Tax) you’ve paid over the previous four years, helping you build your deposit. The maximum relief available is €30,000 or 10% of the property’s value, whichever is lower.

This tax refund goes directly toward your deposit, reducing the financial pressure of saving a lump sum on your own.

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Who Is Eligible for the Help to Buy Scheme?

To qualify for the Help to Buy scheme in Ireland, you must meet specific criteria. These include:

• You must be a first-time buyer.
• You must be purchasing or building a new residential property (not a second-hand home).
• The property must be your main residence.
• The property must cost €500,000 or less.
• You must take out a mortgage of at least 70% of the property’s value.
• You must be tax-compliant and have paid sufficient income tax or DIRT in the previous four years.

If you’re buying with someone else, both of you must be first-time buyers to qualify.

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How to Apply for Help to Buy: A Step-by-Step Guide

Understanding how to apply for Help to Buy can save you time and prevent delays. Here’s how the process works:

Step 1: Register on Revenue’s Online Service

You’ll need a MyAccount with Revenue (or ROS if self-employed). From there, navigate to the Help to Buy (HTB) section to start your application.

Step 2: Submit an Application

You’ll be asked for details about your income, the property, and your mortgage. Revenue will confirm the amount of rebate you’re eligible for.

Step 3: Get a Verification Code

Once approved, you’ll receive an HTB access code and application number. Your developer or solicitor will use this to claim the rebate on your behalf.

Step 4: Finalise the Purchase

When you’re ready to complete the sale, your solicitor or builder submits a claim and receives the rebate directly from Revenue.

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What Costs Does the Scheme Actually Cover?

The Cost Buyer Scheme is designed to assist with your mortgage deposit, not the full cost of the home. It works in tandem with the Central Bank’s mortgage rules, which typically require a 10% deposit for first-time buyers.

For example:

• If you’re buying a home for €300,000, you’ll need a deposit of €30,000.
• If you’re eligible for the full 10% Help to Buy relief, you could get €30,000 back.
• This means you may not need to save any additional deposit yourself.

However, keep in mind the rebate cannot exceed the total amount of income tax and DIRT you’ve paid in the previous four years.

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Key Benefits of the Cost Buyer Scheme

This government initiative offers several clear benefits:

• Increased Affordability: Makes it easier to meet mortgage deposit requirements.
• Encourages New Builds: Applies only to new properties, helping support housing supply.
• Fast Processing: Revenue usually processes claims promptly once documentation is in order.
• Supports Buyers, Not Landlords: Unlike some grants, it’s designed specifically to help owner-occupiers.

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Things to Watch Out For

While the Help to Buy scheme in Ireland is a fantastic support, be aware of these points:

• It doesn’t apply to second-hand homes or investment properties.
• You must remain tax-compliant throughout the process.
• You need to complete the purchase within a strict timeframe to avoid delays or cancellations of the claim.

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Is the Scheme Worth It?

If you’re a first-time buyer planning to purchase a newly built home, the Cost Buyer Scheme can significantly ease your financial burden. However, it’s important to do your homework. Speak with your mortgage advisor or financial planner to understand how the scheme fits into your long-term plans.

Timing also matters. The scheme is currently set to continue until the end of 2025, but always check for the latest updates from Revenue or trusted property platforms.

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Final Thoughts: Making Homeownership a Reality

The Cost Buyer Scheme has already helped thousands of Irish buyers take their first step on the property ladder. Whether you’re just starting to explore your options or are actively house-hunting, understanding how the Help to Buy scheme works gives you a powerful financial advantage.

Looking for your dream home? At FindQo.ie, we make it easy to browse apartments, houses, and new builds across Ireland. Whether you’re buying, selling, or exploring mortgage options, our platform connects you with the right professionals and opportunities.

Start your homeownership journey today at FindQo.ie