First Home Scheme: Who Qualifies and What You Get
Learn how the First Home Scheme helps first-time buyers bridge the gap between their savings and the cost of a new home through shared equity.
The First Home Scheme is a government initiative designed to help first-time buyers purchase a new build property by reducing the amount they need to borrow.
Who it's for
This scheme is specifically for people buying their first home, provided the property is a new build.
What you get
If you qualify, the government provides shared equity of up to 30% of the property's price. This helps bridge the gap between your deposit and the total cost of the home.
What it costs you
While this support helps you get into a home sooner, it is not a gift. You will have to pay back the equity share at a later date.
The catch to know
It is important to understand that this is a shared equity model, not a grant. Because the government becomes a partial owner of the property through this scheme, you are essentially sharing the cost rather than receiving free money.
How to apply
- Check your eligibility to ensure you are a first-time buyer purchasing a new build.
- Review your financial situation to understand how the shared equity will affect your long-term costs.
- Follow the application process through the official website.