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04th Oct 2018

First-time buyers could see their savings topped up with new government scheme

Melissa Carton

First-time buyers could see themselves getting on the property ladder sooner with this new government initiative.

The government have suggested helping those looking to buy their first home by topping up their savings.

The scheme would see first-time buyers being able to open a savings account for their deposit which the Government would top up when they are about to buy their first property.

A similar scheme is currently being used in the UK and with Ireland in the midst of a housing crisis, an initiative like this can’t come quick enough.

Yesterday thousands took to the streets of Dublin to protest about the lack of affordable housing available in the country and with only five days to go until the budget the government are under immense pressure to deliver a solution.

It’s unclear if this government scheme will like the Help To Buy scheme, only apply to new build homes or if it will also be for first-time buyers buying older homes.

According to the sources in both the Fine Gael party and Fianna Fáil have confirmed that the idea is being considered and that Finance Minister Paschal Donohoe is examining how such a scheme might work for young Irish people trying to get their foot on the property ladder.