Latest news with #FirstHome
The Irish Sun
28-07-2025
- Business
- The Irish Sun
We went from no savings to buying first €375k new home 20 mins outside Dublin at 25 with little-known €100k scheme help
BUYING a home in Ireland in the current climate can feel like an impossible task. But Casey Harris and her fiancé Alex Nugent have lifted the lid on how they went from no savings to going sale agreed on a €375,000 house in just one year. 6 Thrilled Casey and Alex went from having no savings to getting a foot on the property ladder 6 The former Dublin Rose is looking forward to moving into her own home later this year 6 Casey and Alex are very excited to see what the future holds 6 Artist's and Alex's new-build will look similar to above The thrilled couple will move into their new two-bedroom home in Trim, Co Singer and music teacher Casey said the couple made use of every assistance scheme they could when it came to getting on the property ladder - and reckons they Casey, 25, told the Irish Sun: 'We've been together for five years, we got engaged at the beginning of 2024 and in the midst of wedding planning we decided to knuckle down and look at buying a house. 'We didn't think it would happen as quickly as it did. 'We kind of went and made an appointment with the bank, spoke to a mortgage advisor in the bank to get an idea of what sort of figure we needed to be saving. 'We had it in our head that we needed a ten per cent deposit saved.' Casey said the couple weren't fully sure what they were getting themselves in for, but once they heard of schemes to assist first-time buyers, they started to believe their dream might just come true. She continued: 'At this point, we didn't even know where they were building houses; we hadn't even looked into that at all. 'Along the journey, we started to hear about all these schemes available to first-time buyers buying new-builds. 'The more we started looking into them, the more we were like, hang on, this is not as impossible as you might think looking at it from the outside. I'm 25 and bought my own home - here's how I used every scheme to make my dream come true 'Suddenly you've got this figure in your head, like we need to save about €40,000 deposit, but then you've got Help to Buy, which brings that down to €10,000, which is so much more doable.' But their first hopes of a home in Casey explained: 'So along the way we found out about these schemes and then we were looking into the affordable purchase scheme which is overseen by the local county council. 'We had applied for a house out in Donabate but we didn't end up getting one. 'So we took a bit of a knock there.' But it wasn't long before they were back on track. Casey said: 'Pretty soon after that we found the house that we ended up buying and it was eligible for the First Home scheme and the Help to Buy scheme which we then ended up using as well. 'It was mad how it all came together really quickly.' Casey, who represented Dublin at the Rose of Tralee, and fiancé Alex, who works in sales, first looked to the Help to Buy Scheme - an incentive helping first-time buyers get their first house. It allows those who qualify to claim back income tax and deposit interest retention tax paid to the State over the four years before making a claim. Casey and Alex were lucky enough to qualify for the full tax refund amounting to €30,000 - enough for a ten per cent deposit. This meant that the couple had to come up with the remaining €7,500 themselves. And they used the First Home Scheme - which is available to first-time buyers, self-builders, and fresh start applicants to get a foot in the door. It involves the provider handing over 20 per cent of the cost of a new home and in return, the State owns an equity share in the property which can be bought back if and when the homeowner chooses. Casey said the remaining difference of €50,000 that the couple needed to pay off represented about 13 per cent of the house, which was bought by the State under the equity scheme. She reckons they've got almost €100,000 in relief from the various schemes to be left with a €287,000 mortgage which she said she realises is 'still a lot'. Casey said the couple lived with their families while saving money for the house. She explained: 'By the time we applied for the mortgage, we had about €15,000 in savings to put towards everything. 'Once we started the mortgage application process, we continued to save over the couple of months that the whole process took. 'Obviously, you've got your stamp duty, legal fees, and everything else to pay as well, and then you've got to furnish the house and put your floors in too. 'There's no set figure, but I just think it's important that people know when you're using the schemes, you're not having to pay €30,000 or €40,000 out of your own pocket.' Casey told how the couple got advice from a mortgage broker who made the whole process a lot smoother. And she said not everyone trying to buy their own home even realises that the rent they're paying will be taken into account when it comes to mortgage eligibility. She added: 'It's hard to save money when you're renting, but a lot of people renting don't realise that the bank will take into account what you're paying every month. 'So if you're paying €1,200 a month in rent, they take that into account and say you'll be able to afford a €1,200 mortgage. 'Initially we went to the bank because I know nothing about the process from the off, I've no financial background whatsoever, I knew very little about the process. 'So we went to the bank and it was suggested to us that we could look at getting a mortgage broker, and it was the best decision we could have made. 'Our broker was unbelievable, he made the whole process such smooth sailing for us. 'So the house price was €375,000 - that's paid with the mortgage which was €287,000 and the schemes, we got €30,000 from Help to Buy off the deposit, and we used the First Home scheme that gave us the remaining money. 'That scheme is then that they own an equity share in your house and you can buy them out if you want to.' SHOP AROUND But the journey wasn't without setbacks, as the couple were refused a mortgage on one of their earliest attempts. But Casey said the trick to finding the right mortgage is to shop around as different banks have different rules. She said: 'We were refused a mortgage from one bank, and then two banks were giving us about €40,000 less than what we were looking for after they assessed our situation. 'We ended up getting what we were looking for from two other banks, so different banks look at things different ways, they all have their own systems, obviously when we got refused from the first bank we panicked. 'We had everything in order so for them to say no it was kind of a panic button. 'So it's important to know that there are several banks you can look at, your options are out there. 'That's what I'd be saying to anyone applying: apply to as many banks as possible and then you've got your pick of the bunch. 'We went from having no mortgage on a Monday to having two mortgages on a Friday.' WHAT IS THE HELP TO BUY SCHEME? IRELAND'S Help to Buy (HTB) Scheme assists first-time buyers in either: Purchasing a newly-built house or apartment Constructing a new home themselves This scheme is only applicable to properties priced at €500,000 or less, and you are required to reside in the property as your primary home. Under the Help to Buy Scheme, you can claim a refund of the income tax and Deposit Interest Retention Tax (DIRT) paid in Ireland during the four years preceding the year of your application. In July 2020, the HTB Scheme was expanded, introducing what is referred to as the Enhanced Help to Buy Scheme. To be eligible, you must be a first-time buyer purchasing or self-building a new residential property between January 1, 2017 and December 31, 2029. (The scheme was previously available for homes bought or built between July 19, 2016 and December 31, 2016, but claims had to be made by December 31, 2019). If you are purchasing or building the property with another person, they must also be a first-time buyer. You will not be eligible if: You have previously bought or built a house or apartment, either alone or jointly with someone else. This applies even if you are now separated or divorced and have relinquished your interest in the property. You have owned a property abroad. You do not intend to use the property as your main residence for at least five years after purchasing or building it (the HTB Scheme is not available for investment properties). You have not taken out a mortgage for the property. If you have inherited or been gifted a property but wish to buy or build a new home, you may still qualify for the HTB Scheme, provided you meet all the other eligibility criteria. And Casey's advice to young people who fear never owning their own home in Ireland is to keep your eye on the prize and make use of the schemes available. And she said that while it's easy to get stuck in the narrative that buying a house is near impossible, she urged young people not to lose hope. The future homeowner said: 'Don't get bogged down in all the narratives that you hear, it's not an easy thing to do by any means but if you set your sights on it and make yourself aware of the schemes that are out there to help you, keep your options open. 'We were dead set on living in Dublin because we work in Dublin and we wanted to buy a three-bedroom house, but we ended up going for a two-bedroom house in Meath. 'So you need to manage your expectations a little bit and be a little bit flexible about what you're looking for, how realistic it is for you once you have a rough idea of your mortgage and what you can afford and how the scheme will help you. 'Keep an open mind and don't get bogged down in the negativity, it is possible, and it's not as treacherous as it might be made out to be.' And the couple, who are set to be married in 2027, are beyond excited about their big move. Casey added: 'It's really exciting, it's a really, really exciting time, we're looking at being in the house before Christmas so that will be really special. 'We're getting married in 2027 and knowing that once we're in we can get into planning the wedding properly and even just having your own space, it's really exciting.' 6 Casey believes it's not impossible to buy a house in Ireland and shared her tips 6 The kitchen and dining area will look similar to this
Irish Examiner
27-05-2025
- Business
- Irish Examiner
100% mortgages would drive up house prices, Central Bank warns
Celtic Tiger-era 100% mortgages would drive up house prices and increase risks to borrowers and banks, the Central Bank has warned. Mark Cassidy, the Central Bank's director of financial stability, warned TDs and senators at the Oireachtas housing committee against the return of 100% mortgages. 'We think that would be a bad idea,' Mr Cassidy said. It would add to demand without any impact on supply and therefore add to prices. 'More fundamentally, it increases the risk for borrowers and for banks.' Banks introduced 100% mortgages during the Celtic Tiger period, but more recent Central Bank rules do not allow either 100% or 95% mortgages to be given out. Current rules require borrowers to have a 10% deposit in order to obtain a mortgage. Mr Cassidy said reintroducing 100% mortgages would increase the risk of default, if a household's income fell. He added that, if house prices fall, homeowners would immediately fall into negative equity and would be likely to 'get into financial distress'. 'We believe a minimum of a 10% deposit remains necessary for either first time borrowers or existing borrowers,' he added. 'We would be confident that 100% mortgages are overly risky, both from the perspective of the borrower and the perspective of the bank.' The matter was raised by a number of TDs and senators during the meeting, who questioned whether it would be possible to allow for the reintroduction of 100% mortgage products. It comes as Independent Ireland has called for the reintroduction of 100% mortgages, saying that many tenants are able to pay more in rent than they would need for monthly mortgage repayments. The Central Bank was also critical of Government plans to consider expanding the First Home shared equity scheme to second-hand homes. Robert Kelly, the Central Bank's director of economics and statistics, warned against the measure. 'The challenge in front of us, it's mainly supply. The current scheme works through pushing up demand and house prices, creating more additional funding for them to buy houses so it stimulates supply. 'I don't see how applying that to the second-hand housing market would achieve that. I think the net effect of that would be additional demand, which would likely feed its way into house prices as opposed to creating large amounts of supply.'
NZ Herald
24-05-2025
- Business
- NZ Herald
Budget 2025 the ‘buy your ticket to Australia' Budget
Where's the plan to deal with this? Nowhere to be seen. Don't get me wrong, as a business leader, the ability to deduct a bit of extra tax on new asset purchases is welcome and it might accelerate some investments. But it's not going to move the needle. Even Treasury predicts it will only add 1% of GDP over the next 20 years. That's 0.05% of GDP a year. Literally a rounding error for Statistics New Zealand. That's it? An extra 0.05% of GDP, a Waipawa's worth of economic output a year. That's the big plan we've been told to expect? Mark me down as unimpressed. Meanwhile, unemployment is taking a huge toll on our young people: 10.9% unemployment among 20-24-year-olds, 23.9% for 15-19-year-olds in the latest figures. Not because they're lazy and 'on the PlayStation' as Nicola Willis puts it. But because there aren't enough jobs. Youth unemployment didn't spike by 50% in the past year and a half because young people suddenly got lazy, eh? It's because the economy has lost over 30,000 jobs in that time, and the youngsters (along with Māori and Pasifika) always get the short end of the stick when there's not enough jobs to go around. Hassling young people who are stuck on the dole because there's no jobs won't suddenly get them into work. Forcing 19-year-olds who have lost their job to ask their parents to support them and cutting their dole off regardless of whether their parents do or not is just mean. And if they do get a job? Well, better hope it's not in a female-dominated industry, eh? Because pay equity is out the window. $13b of payouts to underpaid workers, $300 a week – gone. Oh, and your KiwiSaver contribution is going up, and Treasury expects the added employer contribution will ultimately come out of workers' pay, too. But the Government contribution, that's getting cut in half, which will mean tens of thousands less in your nest-egg when you retire. Maybe rangatahi should get some more education, so they can get a higher-paying job? Ah, but tertiary tuition funding is being cut in the Budget, and fees are going up. What about somewhere to live? Good luck. Money is being pulled out of house building and First Home loan assistance, and going into paying landlords in Auckland to convert their rentals over to social housing. I don't buy this dumping on the younger generation that seems to be so popular with this Government and certain commentators. They're not lazy or spoiled. They're no worse than we were and, in many ways, they're better – smart, inquisitive, and healthily sceptical. The latest Budget predicts slower growth and rising youth unemployment. Photo / Marty Melville But, I tell you what, they've got it harder than most of us had it. The Kiwi Dream that we used to all have a decent shot at achieving – a home of your own, a decent job paying enough for good quality of life – must seem light years away to today's 20-year-olds. Not a goal, just a joke. If you're a young person, you've got to be asking yourself – 'what am I staying here for?' Not for low wages and lack of an economic vision. Not for the crumbling infrastructure and the underfunded health system. Not for a Government that cares so little about the climate you'll have to live in that it's planning to invest in natural gas drilling. No wonder our young people are leaving this country in record numbers. After this Budget, the planes to Aussie are going to be chocka with our country's future, seeking a better chance across the sea. I'm all for international travel and OEs. I mean, I'm on my middle-age OE right now. But if my kids and my young whānau go overseas, I want them to go because they have built a great foundation in Aotearoa and, now, they want to see the rest of the world. And I want them to want to come back home after their travels. I don't want them to leave because the Government has as good as packed their bags for them and told them there's no hope for them here if they stay.
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Tánaiste to tell Cabinet tariffs will remain regardless of EU-US deal
Tariffs are likely to remain in place even if the EU is able to reach a deal with the US, Tánaiste Simon Harris is set to tell Cabinet. Mr Harris is to update Government on the progress of EU-US trade talks, in the wake of an agreement being signed between the US and Britain last week. The foreign affairs minister is due to tell Cabinet that the US-UK agreement will formalise and solidify tariffs, it is understood. This is despite both Ireland and the EU seeking a free trade deal which removes barriers as well as lowers, or in some areas, abolishes tariffs altogether. However, Mr Harris will say that an initial analysis of the deal does appear to have averted the prospect of different tariff rates on both sides of the border. It's understood the Tánaiste has been in contact with EU trade commissioner Maros Sefcovic in recent days, after the Commission revealed its proposed countermeasures, to outline Ireland's position. It's expected there will be further engagement with Mr Sefcovic at the EU's foreign affairs council later this week. The Cabinet will also be updated by education minister Helen McEntee on Leaving Cert reform, which is due to begin its first phase this September. The reforms include project work, known as additional assessment components, to be worth 40% of a students total grade in a subject. Both teacher unions, the ASTI and TUI, are due to ballot their members on the proposals after new supports were confirmed. Additionally, health minister Jennifer Carroll MacNeill will ask the Government to approve the new 2025 Sláintecare implementation plan, alongside the 2024 progress report. It is understood the progress report outlines a reduction in cumulative daily trolley counts by 11% compared to 2023, despite an 8% increase in patients attending emergency departments. It also details that 95% of GPs have signed up oto the chronic disease management programme, with 650,000 patient reviews last year. Meanwhile, housing minister James Browne will seek Cabinet approval to extend the First Home shared equity scheme for another two years, alongside providing a further €30m in funding. A Government source said the extra funding will match commitments by banks participating in the scheme – AIB, Bank of Ireland and PTSB.
The Herald Scotland
01-05-2025
- Entertainment
- The Herald Scotland
Two Worlds by Kate Bentley opens this weekend at Morningside Gallery
Kate originally a Sculptor and Theatre Designer became a professional painter in 1999 and is a member of the Royal Institute of Painters in Watercolour and the Society of Women Artists. Her work is held in both private and public collections. Originally from the Lake District she is now based on the Solway coast in South west Scotland. Kate's location and landscape hugely influences her subject matter and historically she is a 'painter of life', using her en-plein air sessions and life drawing to feed her narrative paintings. Beyond the obvious differences in subject matter, the idea of two worlds also underpins the way Kate engages with her subjects and her materials. The interplay of the real and the imagined is present in all of Kate's paintings, along with fearless experimentation and an urge to tear. [First Home, First Garden, Oil on Panel, Framed size 99 x 75cm] Kate works with the shapes and colours she creates to begin to bring some realism into the work, to tease out a subject. More often than not, as soon as realism begins to tip the balance within a painting, Kate disrupts the flow, breaks the line, moves the viewer's eye into another field or onto another detail elsewhere. Sometimes paintings which feel complete are stripped back – destroyed almost – and then layered up again, as she employs various techniques and materials – projected photographs, the reflection of her garden in the studio door, old paintings, unexpected patterns – to give the painting a completely new dimension. We see these techniques at play within many of her garden paintings, which are both botanical studies and imaginative narrative works in equal measure. Initially they burst forth with verdant yellows and greens, we see lush leaves and bright flowers, but also what might be a person, or is it just a reflection of a person? We look further and there are some steps. We walk down them and out beyond the painting. [City Haven, Oil on Panel, Framed size 137 x 95cm] Perspective is thrown out of the window and the kaleidoscopic element in so many of Kate's works makes it almost impossible to behold the scene complete upon first viewing. The effect can be quite dazzling, as light is used to both reflect and refract; at times it is as though we are seeing the subject through the reflections of a beautiful old mirror, distressed and fractured with age. There are moments of recognition before the line is broken again and we are taken somewhere else. Again, within Kate's paintings of Edinburgh, reality is observed initially but soon replaced by a kaleidoscopic view of the city. Edinburgh is presented a witness to the many stories told and lives lived, past and present. A city of beautiful gardens and breath-taking natural landmarks sitting side-by-side with historical architecture. Everything is here and all at once, as past and present, natural and human made, real and imagined are woven together with colour, shape and pattern. The mark making in these paintings, like all of Kate's work leads the eye to new places, new points of interest, and once the eye settles, journeying through the paintings feels like an adventure; both expansive and immensely satisfying. Two Worlds with artist Kate Bentley starts 3rd – 18th May at Morningside Gallery, 94 Morningside Road, Edinburgh EH10 4BY. Tel 0131 447 3041. Join the Morningside Gallery mailing list by email here art@ Click here to view Morningside Gallery is a well-known and respected art gallery located in the Morningside area of Edinburgh, Scotland. Opened in 2003, it has built a reputation for showcasing a diverse range of contemporary art, with a focus on both Scottish artists and international talent. The gallery is particularly known for its curated exhibitions of paintings, prints, and sculptures.
