Question Help-to-Buy: Initial Deposit Amount

Discussion in 'Budget 2017' started by RianKay, Oct 19, 2016.

  1. RianKay

    RianKay New Member

    Posts:
    1
    All,

    I have query regarding the help-to-buy scheme and the initial deposit requirements (assuming a new built prop and am taking min 80% loan)
    Q1) Is below understanding correct.

    New Built Property Price: € 300K
    Original Initial Deposit required: € 38K
    Less Help-to-Buy Rebate: €15K
    New Initial Deposit Required: (38-15) => € 23K
    Is this € 23K correct or Do I still need to have € 38K initial deposit funds?


    Q2) Do we have clear info if the Govt and Developer are going to deal about the rebate and initial deposit?
    Q3) Or is it that banks are going to give additional loan considering Govt would cover that 5% price?
    Q4) Do we know if there clear T&C already published?
     
    Merowig likes this.
  2. Merowig

    Merowig Frequent Poster

    Posts:
    118
    On your first question - I spoke yesterday to a mortage adviser of AIB and she told me that the Tax rebate won't change the initial deposit required.