Home Deposit Scheme saw 213 young people become homeowners

213 young people became homeowners through government's Home Deposit Scheme, with another 70 applicants set to sign the final contract soon. 

During a press conference on Friday morning, Minister for Social Housing Roderick Galdes gave an overview of the Home Deposit Scheme, which allows first-time buyers under the age of 40 to secure an interest-free loan covering the 10% deposit on their property.

"The Home Deposit Scheme is very dear to my heart, as it gives a helping hand to our future generations. As a father, I want to see my children own their personal property, and I'm sure I share this sentiment with thousands of other parents," Galdes said.

The scheme caters to first-time buyers who, despite being eligible for a home loan, can't afford to pay the 10% deposit to purchase their first property.

According to Galdes, around 323 people have applied to become homeowners through the scheme since its inception in June 2020. The average deposit loan was €15,992.

"This is a demonstration of how much government is thinking about the future of our youth and how, with a little help, these individuals are moving forward and eventually succeeding in achieving their aspirations," concluded Minister Galdes.

Leonid McKay, the CEO of the Housing Authority, added that 205 applications were received by the authority in 2020, and another 118 applications were received in 2021. 

87% of applications were successful, while 63% of applicants who benefited from the scheme were under the age of 30.