Threshold raised for 10% government home deposit scheme

Prospective home owners can obtain up to a maximum of €22,500 to finance the 10% deposit required when purchasing a property after government announced higher thresholds for the home deposit scheme.

The scheme, an interest-free loan, was introduced in 2020 and targeted towards first-time buyers who had a problem financing the deposit on their house. The maximum threshold stood at €17,500 but in line with an electoral pledge, the government has now increased the threshold.

This means that applicants will be able to purchase property worth up to €225,000, Housing Minister Roderick Galdes said on Monday. He said since inception the scheme has helped more than 200 families become homeowners.