A LOCAL Fine Gael councillor has welcomed the fact that more first-time buyers in Limerick will qualify for the First Home Scheme, following the increase in the price ceiling by €25,000.
Cllr Peter Doyle believes it is really positive news that additional first-time buyers will qualify for this scheme to purchase their first home.
The First Home Scheme provides an equity stake of up to 30 per cent in the purchase of a new build or second-hand property being purchased by a tenant from their landlord.
“The increase in price ceilings helps address viability issues, which increases the supply of new homes for first time buyers,” Cllr Doyle explained.
“With this expansion, all new homes in Ireland worth up to €350,000 are now eligible for the scheme regardless of their location, with higher price ceilings of up to €500,000 in areas of greatest demand.”
Allowing the maximum ceiling to go to €350,000 will mean many more homes which are currently being constructed in Limerick will now be able to be purchased under the scheme, Cllr Doyle told the Limerick Post.
“Until now, some people would have been ineligible for the scheme if the price of their chosen home was above the price ceiling for their local authority area,” he said.
“The scheme has been a huge success in making home ownership a reality for people across the country.
“The First Home Scheme has already provided over €100m in support to people buying their own homes, and now many more people will have access to this measure.”
