Home ownership further enabled through Budget 2024 measures – Cummins

The extension and expansion of vital home ownership measures in Budget 2024 will be welcome news to those who are intent on buying their own homes, a Fine Gael Senator has said.

Fine Gael’s Spokesperson on Housing, Senator John Cummins said the extension of the Help-to-Buy scheme to the end of 2025 is very significant and will offer certainty to prospective purchasers who are planning their future.

“Changes are also being introduced which will ensure those availing of a higher equity via the Local Authority Affordable Purchase Scheme will not lose their entitlement to the Help to Buy scheme, which is an anomaly I have been highlighting for quite some time,” Senator Cummins explained.

“Fine Gael is committed to putting more money in people’s pockets by cutting tax and USC. This is the tenth Budget in a row this has happened and it’s been done to reward work and help people to keep more of their hard earned wages, which will also assist prospective home buyers.

“Since its introduction, the Help to Buy Scheme has assisted over 42,000 individuals and families to get four years of their tax back up to a maximum of €30,000 towards their deposit, and its continuation until the end of 2025 is very positive. While opposition parties want to abolish this essential support, the government is extending it” Senator Cummins stated.

“We are also building on the state funding already provided to the First Home Shared Equity Scheme. A further €50m has been allocated to the scheme, which with additional funding from participating banks, will support the purchase of up to 2000 homes by eligible buyers in 2024. The extension of the First Home scheme to self builds is also a very welcome move.

“In addition, since February 2018, €590 million has been lent out to purchasers by Local Authorities. This has enabled some 3,580 households achieve home ownership. Next year, an extra €250 million has been allocated to the Local Authority Home Loan scheme. This represents just under half the total amount provided over the past five years which demonstrates the governments intent to support home ownership.

“We are now in a place where between 400 and 500 first time buyers every week in this country are buying their first home. Budget 2024 builds on this progress with Fine Gael’s commitment to maintaining and devising new ways to enable people to own their own home.”