A new housing scheme that aims to bridge the affordability gap for first-time buyers has opened.
Housing Minister Darragh O'Brien says it will get people out of the "rental trap" however, critics say because it is only open to new builds the potential buyers will be put on waiting lists for a home.
People who've been approved for a mortgage by AIB, Bank of Ireland and Permanent TSB will qualify for the first home scheme, announced by the government today.
Minister Darragh O'Brien says the 'First Home Scheme' wasn't opened for second-hand homes because he "didn't want to overheat the second-hand market".@lstwrd
— Ben Finnegan (@_BenFinnegan) July 7, 2022
The equity scheme will have a maximum stake of 30% if the buyer is not availing of the help-to-buy scheme, and 20% if they are.
The scheme excludes second-hand homes and self-builds and is only open for the more expensive new builds which have long waiting lists.
