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Making Cents with Liam Croke: Help-to-buy scheme set to run to end of 2019

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The controversial help-to-buy scheme looks set to run until the end of 2019, despite claims from some political parties and economists that it should be abolished.

It was introduced to help fast-track the home buying process for first-time buyers, and it has proved to be very popular.

If you are thinking of buying a property in the next 12 months, and should the scheme run for another year, should you take advantage of it?

Before you can make up your mind, you need to know what it’s all about and whether it even applies to you or not, so I’m going to outline below the key areas you need to be aware of.

What is the help to buy initiative?

It allows eligible first-time buyers to get up to 5% of the purchase price of a new house or apartment back in the form of a tax rebate. This can then be used towards the deposit on the purchase.

The total tax rebate is limited to the total income tax and DIRT paid over the previous four tax years and is capped at €20,000. If you have paid less than €20,000 income tax/ DIRT in the past four years, the maximum rebate possible will be the total amount of tax you........

© Limerick Leader