Mortgage Relief-Clarify the Finance Bill please?

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Hi, I'm a bit embarressed to admit I dont quite understand the new interest relief being applied to first time buyers who bought from 2004 to 2008.

We bought in 2006 and have €327,000 remaining on our mortage and our current interest rate is 1.95% tracker. We are jointly assessed.

Are these calculations correct?

€327,000*1.95% = €6375.50*30%=€1912.95/12 =€159 PER MONTH.

If this is right, do we recieve the 30% until 2017?

thanks.
 
there is a very good chart/tables on the Revenue website which shows the rates, year, cap which might help. sorry i dont know how to highlight particular website.
 
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