If you are a first-time buyer who either buys or self-builds a new residential property between 19 July 2016 and 31 December 2019, you may be entitled to claim a refund of income tax and DIRT paid over the previous 4 tax years.
If you signed a contract to buy a property (or drew down the first tranche of the mortgage for a self-build) before 19 July 2016, you will not qualify for this incentive.
If you are buying (or self-building) the property with someone else, they must also be a first-time buyer. You will not qualify if you have previously bought, built or inherited a property, either individually or jointly with anyone else.
The incentive only applies to properties that are bought or built as the first-time buyer’s home. It does not cover investment properties. Cash buyers do not qualify.
You must take out a mortgage of at least 70% of the purchase price (or, for a self-build, 70% of the valuation approved by the mortgage provider).
If you signed a contract to buy a property (or drew down the first tranche of the mortgage for a self-build) between 19 July 2016 and 31 December 2016, you may qualify for the Help to Buy incentive on a property costing up to €600,000.
With effect from 1 January 2017, the Help to Buy scheme only applies to properties costing €500,000 or less.
You must occupy the property for 5 years from the date that it is habitable.