HOMEBUYERS in Limerick will now be able to avail of some extra help when buying their first home after the announcement that the threshold for the First Home Scheme has been raised.
Previously, prospective purchasers in Limerick could only avail of the scheme if the home they wanted to buy cost €400,000 or less.
The ceiling for the scheme has now been raised by €25,000 for buyers, meaning that homes costing up to €425,000 are eligible for the scheme.
The First Home Scheme is aimed at first-time buyers who want to purchase or build their own home, and aims to bridge the gap between the amount that the buyer can raise through a deposit and a mortgage, and the price of houses in their area.
While the ceiling price for homes in Limerick has risen, the ceiling price for apartments in Limerick remains at €450,000.
Welcoming the news, Limerick Fianna Fáil Minister Niall Collins said that the scheme is making homeownership “achievable” for more people than before.
“The raising of the First Home Scheme ceiling with immediate effect in Limerick is hugely welcome news. It means that more people will now be able to afford a home as they will now become eligible if their chosen home was formerly up to €25,000 above the scheme’s price ceiling,” Minister Collins said.
The Patrickswell TD added that the government will be continuing “to support first-time buyers as a priority with tax rebates and other financial supports to help them get on the property ladder”.
