What is the First Home Scheme?
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Short answer
The First Home Scheme is a Government-backed shared-equity scheme that bridges the gap between your deposit plus mortgage and the price of a new home. The State takes an equity share of up to 30% of the price (20% if you also use Help to Buy) with no charge for the first five years; from year six a service charge of 1.75% applies to the equity. You buy the equity back at any time, and must repay it when you sell, switch to a non-participating lender or stop living there. Homes must be within the local authority price ceiling, €375,000 to €500,000 depending on the county.
How the equity share works
The scheme provides up to 30% of the price or build cost as an equity share, or up to 20% if you also use Help to Buy. The minimum is 2.5% or €10,000, whichever is higher. It is not a loan with repayments: the State owns a percentage of your home, and the euro amount needed to buy it back rises or falls with the home’s value. The share is secured on your title by an inhibition registered with the Property Registration Authority, and letting the whole property is not permitted under the scheme.
Who it is for
Over-18s who are first-time buyers, fresh-start applicants, qualifying tenants or eligible self-builders, buying or building a new main residence. You need mortgage approval in principle from a participating lender, a minimum 10% deposit, and a property within the local authority price ceiling. There is no specific income cap, but you are generally expected to borrow the maximum available to you, typically up to four times income.
Eligible properties are new-build houses and apartments in private developments, eligible self-builds on a privately owned site, or a qualifying tenant purchase of the home you currently rent following a landlord’s notice to sell.
The 2026 price ceilings
| Ceiling | Local authorities |
|---|---|
| €500,000 | Cork City, Dublin City, Dún Laoghaire-Rathdown, Fingal, South Dublin, Wicklow |
| €475,000 | Galway City, Kildare, Meath |
| €450,000 | Cork County, Galway County, Limerick City and County |
| €425,000 | Kerry, Louth, Mayo |
| €400,000 (apartments €450,000) | Waterford City and County |
| €400,000 | Clare, Donegal, Kilkenny, Laois, Leitrim, Roscommon, Sligo, Westmeath, Wexford |
| €375,000 | Carlow, Cavan, Longford, Monaghan, Offaly, Tipperary |
Ceilings are set by the scheme and can change; the ceilings page carries the full table with house, apartment and self-build figures.
What it costs over time
No fees for the first five years. From year six an annual service charge applies to the equity: 1.75% in years 6 to 15, 2.15% in years 16 to 29 and 2.85% from year 30. The charge accrues daily and is billed monthly; it can be paid, part-paid or deferred, though deferred charges keep accruing and must be cleared later.
Buying back and repaying
You can buy back the equity at any time, in full or in stages, at its then value; a valuation may be needed. Repayment is mandatory on the sale of the property, on switching to a lender that does not participate in the scheme, when the home stops being your main residence, or on the death of the sole owner or of all joint owners.
How the application runs
Mortgage approval in principle from a participating lender comes first. If the scheme approves you, you receive an eligibility certificate, which your lender uses to issue a letter of offer that includes the scheme funding. You sign the customer contract, your solicitor witnesses and returns the documents, and on closing the scheme releases its funds to your solicitor alongside the mortgage drawdown. Your solicitor registers the inhibition on completion.
Frequently asked questions
Who qualifies?
First-time buyers, fresh-start applicants, qualifying tenants and eligible self-builders over 18, buying or building a new main residence within the local authority price ceiling, with mortgage approval in principle from a participating lender and a minimum 10% deposit. There is no income cap, but you generally borrow the maximum available to you, typically up to four times income.
What does the equity cost?
Nothing for the first five years. From year six an annual service charge applies to the equity share: 1.75% in years 6 to 15, 2.15% in years 16 to 29 and 2.85% from year 30. It accrues daily and is billed monthly, and can be paid, part-paid or deferred; deferred charges continue to accrue and must be cleared later.
What is the ceiling where I live?
€500,000 in Cork City, Dublin City, Dún Laoghaire-Rathdown, Fingal, South Dublin and Wicklow; €375,000 in Carlow, Cavan, Longford, Monaghan, Offaly and Tipperary; most other counties between €400,000 and €475,000. In Waterford City and County it is €400,000 for houses and self-builds and €450,000 for apartments. The full 2026 table is on the ceilings page.