Government announces three changes to First-Time Buyers scheme

The Government has announced three changes to the First-Time Buyers scheme.

One change, is that the scheme will be extended to buyers who are not first-time buyers, but whose second residence will become their primary and only residence and who do not own any other properties. This change, the Government said, will address different situations, including separated people who need to purchase a new property for it to serve as their primary residence.

On this point, the regulations outline that second time buyers who are single persons who have already benefited from this scheme in respect of another property and who are eligible, shall be entitled to the remaining balance of the grant, up to a maximum of €10,000. In the case of second time buyers who are a couple who have already benefited from this scheme for another property, and who separately satisfy the eligibility criteria of this scheme, each applicant shall be entitled to the remaining balance of the grant, up to a maximum of €10,000.

Announcing the second change to the scheme, Minister for Housing and Lands Owen Bonnici said that the scheme is being updated to cover cases where a property that was donated after 2022, but a loan was subsequently taken out to build or complete the same home. Such people will now also be able to benefit from €1,000 per year for a period of ten years.

The third change will provide more support for persons with disabilities. The First-Time Buyers Scheme provides assistance of €1,000 per person per year for a period of ten years to help young people during the first years after purchasing their first home. For people with disabilities, this grant will now increase to €20,000.

Minister Bonnici said: “Our aim is to continue providing concrete assistance to families so that more people can become homeowners. With this package of three changes we are announcing today, we are strengthening assistance for people with disabilities, while continuing to update our schemes in line with today’s realities and needs.”

Housing Authority CEO Matthew Zerafa said: “Behind every application there is a person or family aspiring to become a homeowner. However, not everyone starts from the same point and life circumstances change. Therefore, the amendments we are announcing today are intended to ensure that assistance reaches those who need it in a fairer way, including people with disabilities, separated people and families who have found themselves in different circumstances.”