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First Time Buyers and Budget 2017

By Frances Nash, Tuesday, 11th October 2016 | 0 comments

This Budget should be welcomed by the majority of the Irish people. It is not so much an austerity budget and is more about spreading the "wealth" and not the "pain" (Using these terms loosely!!!). One of the major changes that stands our for our clients would be for First-time buyers and will involve a 5 per cent PAYE rebate of up to €20,000 over four years on new homes worth up to €400,000. Buyers of homes costing between €400,000 and €600,000 will also be entitled to the €20,000, though the percentage of the purchase price this equates to will be lower.  As the housing market grows and the demand for houses is on the increase (and obviously with it, the price) this benefit for first time buyers will encourage and assist purchasers to enter the market. This is a welcome change for first time buyers.
Note however, this is not available to purchasers who are buying for over €600,000, it is not available to landlords, it is not available to joint buyers.  It is available to persons buying their own homes. 
Backdated to 19th July.
It is a good measure which can help to bridge the gap between the deposit requirement and the price of houses.  It should very much assist first time buyers and open up the market. 

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