A Guide to the Help-to-Buy incentive

August 3, 2018
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At Sherry FitzGerald, we’re with you every step of the way in the search for your new home and we want to make it as easy as possible for you. With that in mind, we’ve created a handy guide to the Help-to-Buy scheme, to help you raise that all-important deposit.

* What is Help-to-Buy?

Help-to-Buy (HTB) is a government incentive scheme which aims to help home buyers to raise their deposit. You could get up to 5% (max. €20,000) of the value of your new home, which you may be able to claim as a tax refund on Income Tax, and Deposit Interest Retention Tax (DIRT) paid over the previous four tax years.

* Do I qualify?

This scheme is only open to first-time buyers seeking to buy or build a new property valued no higher than €500,000 and who are borrowing at least 70% of the value of the property. In order to meet the scheme’s criteria, you must live in your new home for 5 years after buying. If you are looking to build a new home, your builder’s or developer’s must be registered for the scheme with Revenue. If you self-assess for income tax, you must be fully compliant to qualify.

* How do I apply?

You can apply to HTB using Revenue’s myAccount portal. If you are not registered already, simply go to ros.ie/myaccount and create an account using your PPS number, date of birth, phone number, home and email address. To apply, you need to:

1. Complete a ‘form 12’ tax return for each of the years you are seeking your tax rebate.

2. Upload a signed copy of your new home contract, along with the property’s details, including price and completion date.

3. Provide details of mortgage lender, mortgage, deposits paid, and the amount you are borrowing.

4. Upload your builder’s or developer’s details.

If approved, your refund will be paid directly to the developer and deducted from the cost of your new home.

* Where can I find out more? For more details, you can check out our full Sherry FitzGerald Help-to-Buy guide here.

You can also feel free to call us on 1850 3000 30, or email us at financialservices@sherryfitz.ie.

We provide a range of financial services so go to http://www.sherryfitz.ie/financial-services for further guides and information.