Brendan Burgess
Founder
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2024 over 2022
Mortgage Interest Relief being extended
- Thread starter Brendan Burgess
- Start date
Fionclaire
Registered User
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- 108
Recently found out this credit/relief was not extended to those who had insufficient tax liability in 2024, as was previously provided for those who were in the same position in 2023, whereby they could not claim the relief via Revenue, but was processed via the homeowners once-off payment operated by social welfare, but this is not extended to such cohorts for the 2024-v-2022 increase in mortgage interest, and with no alternative in place, seems to be very unfair.
www.gov.ie
Homeowner's Once-Off Payment
The Homeowner's Once-Off Payment is for some people who applied for the Mortgage Interest Tax Credit from the Revenue for the year 2023 but who were ineligible.
www.gov.ie
thecoffeepod
Registered User
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- 258
Interesting, I never ever knew that existed meaning you can claim for the payment if you had insufficient tax liability
The whole purpose was relief via the tax system
But mad you've to apply to the dsp for 2023 and nothing for 2024
Why was DSp involved id wonder , but strange to allocate some of the government budget to DSP for such a scheme but maybe someone smarter than me can explain.
If I was to guess as to why it's not available for 2024, it's a mix of
Feck all applied
Very poor education around it (homeowners once off payment)
I don't think the below rate changes are the reason (because you can still get it via tax relief for 2024) but it's interesting
Year-on-Year Change (Representative Fixed Rates, 3-Year)
2022–2023: about +1% increase.
2023–2024: rates plateaued, some slight decrease in H2
2024 as ECB started lowering rates.
2024 vs 2022: net increase of about 1–1.5 percentage points for most products, but direction turning down late 2024
Therefore Mortgage rates rose rapidly from 2022 to 2023& plateaued in 2024, then began decreasing in mid-2024
Also
The whole purpose was relief via the tax system
But mad you've to apply to the dsp for 2023 and nothing for 2024
Why was DSp involved id wonder , but strange to allocate some of the government budget to DSP for such a scheme but maybe someone smarter than me can explain.
If I was to guess as to why it's not available for 2024, it's a mix of
Feck all applied
Very poor education around it (homeowners once off payment)
I don't think the below rate changes are the reason (because you can still get it via tax relief for 2024) but it's interesting
Year-on-Year Change (Representative Fixed Rates, 3-Year)
2022–2023: about +1% increase.
2023–2024: rates plateaued, some slight decrease in H2
2024 as ECB started lowering rates.
2024 vs 2022: net increase of about 1–1.5 percentage points for most products, but direction turning down late 2024
Therefore Mortgage rates rose rapidly from 2022 to 2023& plateaued in 2024, then began decreasing in mid-2024
Also
Social Welfare Schemes
Social Welfare Schemes Dáil Éireann Debate, Thursday - 3 April 2025
www.oireachtas.ie
Fionclaire
Registered User
- Messages
- 108
Agreed, there was hardly anything about this when it was first introduced/applications opened in Sept 2024 and ended in Mar 2025 for the 2023-v-2022 Interest Relief.
thecoffeepod
Registered User
- Messages
- 258
I find this mad , can't wrap my head around how the DSP were doing this scheme
How did they "open" it or get it passed with the mortgage interest relief scheme existed , just strange to me.
Yeah it's an "income support" but the people who don't qualify are those without a tax liability
so essentially it's like welfare benefit for home owners who didn't have a tax liability , therefore typically low income earners I assume then.
"On 1 September 2024, the Department of Social Protection opened the Homeowner’s Once-Off Payment for applications.
This payment is aimed to support eligible people who applied for the Mortgage Interest Tax Relief and who satisfy all other conditions but were ineligible for this tax relief because they did not have any qualifying tax liability.The Department of Social Protection has advised that applications can only be made between 1st September 2024 and 31st March 2025. Further details about the Homeowners Once- Off Payment are available on:
www.gov.ie/dspschemes/#homes.
How did they "open" it or get it passed with the mortgage interest relief scheme existed , just strange to me.
Yeah it's an "income support" but the people who don't qualify are those without a tax liability
so essentially it's like welfare benefit for home owners who didn't have a tax liability , therefore typically low income earners I assume then.
"On 1 September 2024, the Department of Social Protection opened the Homeowner’s Once-Off Payment for applications.
This payment is aimed to support eligible people who applied for the Mortgage Interest Tax Relief and who satisfy all other conditions but were ineligible for this tax relief because they did not have any qualifying tax liability.The Department of Social Protection has advised that applications can only be made between 1st September 2024 and 31st March 2025. Further details about the Homeowners Once- Off Payment are available on:
www.gov.ie/dspschemes/#homes.
Fionclaire
Registered User
- Messages
- 108
Yes, that was the intention, to ensure the low income earners were not disadvantaged in getting the relief for 2023-v-2022. While the extended relief via Revenue, for 2024-v-2022, is enabled/active since January 2025, the homeowners once off payment is not being extended, by the DSP anyway and would appear from above link, no decision has been made to extend this to such cohorts, but this could change when Dail resumes.