The function of the First Home Scheme (the “Scheme”), which opens to applications today, is to fund the financial shortfall new home purchasers encounter between the amount of their deposit and mortgage combined and the purchase price of the new home. The aim of the Scheme is to assist a cohort of new home purchasers to buy their new home who have to date been hampered in accessing the market due to the gap between the finance they have available (mortgage and deposit) and the funds required to purchase their new home (purchase price of the new home).

The Scheme is supported and funded by the Irish government and many retail banks and is part of a series of measures introduced by Government to help individuals purchase their own home including the Local Authority Affordable Purchase Scheme, the Help to Buy incentive and the Local Authority Home Loan.