ALMOST 1,000 claims in Donegal have been approved under the Help to Buy (HTB) Scheme.
According to the latest figures released by the Department of Finance, 962 claims in the county were approved out of a total of 1,740 applications.
Commenting on the figures, Donegal Minister of State, Charlie McConalogue said: “The scheme was introduced in 2020 to assist first-time buyers to purchase or build a new home. The scheme is a great help to people in Donegal who are taking their first and most important step on the property ladder.”
“Of the 962 applications approved across the county, 400 were for purchased newly built homes while 562 were for self-build projects. Nationally, 48,787 Help to Buy claims have been approved,” the Minister of State for Sport and Postal Policy added.
“It’s important that the government continues to provide affordable home support as these are vital for people and families who want to become homeowners. The Starter Homes for Purchase Scheme, Cost Rental, the First Home Scheme and the Vacant Property Refurbishment Grant are all performing well and continue to gather momentum across Donegal,” he said.
The Help to Buy incentive is a tax-based scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also aims to encourage additional supply of new houses by supporting demand.
HTB provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation.
The level of support available to first time buyers under the HTB scheme is whichever is the lesser of €30,000 or 10 per cent of the purchase price of the new property; or the amount of Income Tax and DIRT paid in the four years before application for the relief.
“I would encourage people across Donegal who are planning to own their own home to check their eligibility for the Help to Buy Scheme. One of the main benefits of the scheme is that it reduces the years spent saving a cash deposit by bridging the affordability gap,” Minister of State McConalogue added.