asteroids over berlin wrote: » Yeah get in very quick (possible now though?)or hold off 4 years or so, possibly prices will level out, i suspect this is the idea from the government!
Collyb101 wrote: » Either way, you need the scheme or you've just been short changed. I worked for Central Bank Of Ireland around the time the new rules came into play. That's a load of ****e and so is this. Only good thing about it is that people who have not paid tax are screwed. Should have got out of their beds.
awec wrote: » Sounds fair enough really. They can hardly dish out 20k tax rebates to people who pay hardly any tax.
Stheno wrote: » The scheme sounds good, but it's going to have limited application. If you buy a house for 200k, you'll get a rebate of 10k against your previous four years income tax towards your deposit, which means you'll have to have paid 10k in PAYE to get it. So for a single person on normal PAYE they would have to be earning a minimum of 37.5k to pay 5 k tax per year to get the 20% but on that salary they won't qualify for the 180k mortgage. For a couple, they would have to have joint earnings as a married couple of probably close to 90k to have paid that level of tax to take advantage. The people who will benefit from this the most will be those who are earning quite high salaries It's going to do nothing for the worker earning the average wage of 36k
ted1 wrote: » 36k*3.5 =126, no one 36k will get a new build. You can't build a house for that
awec wrote: » Potentially dumb question: is this limited to one payout per mortgage application? Can I claim back 20k from my income tax and my missus claim back 20k from hers and put that all together on one application?
Stheno wrote: » As a recipient of the predessor of this (first time buyers grant) it was limited to 3k for each application, so you got just the 3k or in this case 20k rebate split between you
awec wrote: » Make sense!
thatslife wrote: » For self builds, the LTV needs to be 80% and you need to have made 1st drawdown after July 19 to be eligible - i get. The query I have is, this 80% LTV, is this decided by the mortgage given to you by the Lender originally or by the final drawdown valuation? LTV could be different at end of build.
louise1985 wrote: » Bit of a technical question but does anyone know what they mean by first drawdown after 19 July 2016. Our first drawdown hit the bank on 26th July 2016 however this application was sent to bank from solicitor on 12th July 2016!! Wondering if I have money to spend or not ðŸ™ðŸ™ðŸ™ðŸ˜႒ðŸ˜႒ðŸ˜႒
Stheno wrote: » For a couple, they would have to have joint earnings as a married couple of probably close to 90k to have paid that level of tax to take advantage.
Konata wrote: » Is it specified somewhere that you have to be married to be eligible?
Stheno wrote: » No, but Revenue treat taxation of married couples differently from couples who are not married, and it changes the limits. Couples who are not married pay more tax if one partner earns more than another and hits the 40% threshold much lower than if married. The difference can be up to 300 per month in the amount of tax paid.
Stheno wrote: The difference can be up to 300 per month in the amount of tax paid.
68 lost souls wrote: » This stands to knock the point on the head earlier of earners of 36k not benefiting and that you need to be earning in excess of 90k as a couple. An unmarried couple or indeed a newly married couple who have earned tax superstition for 4 years only have to have earned less than 30,000 each to hit 20k paye over 4 years.
68 lost souls wrote: » Yes but what about a non married couple earning 72000 as a couple
Stheno wrote: » They will pay more taxes, so a total of about 7k tax per year, so they can take advantage of the scheme. My point is that this seems to be aimed at higher earners in most circumstances
RoyalMarine wrote: » Myself and partner (not married) are just about to finalise our purchase of a house. Contracts being signed this week. House is 245,000. We are paying the standard amount of deposit. so 10% of first 220,000 and 20% of the rest. I've been living and working in Ireland for 10+ years. salary ranged between 25-35k for the past 4 years. She's been living and working in Ireland for the past 2 years. salary was 27k for first year, and 32k for the second year. Does anyone know where we stand with the rebate? From reading, we meet all requirements, I'm just not sure about PAYE for the past 4 years. Could we apply for a rebate under me paying PAYE for 4 years, and her paying for the past 2 years? Or will this rule us out completely? Any help would be great!
Thebing wrote: » Does anyone know whether the scheme will be inclusive or exclusive of VAT when calculating LTV for eligibility? I.e. Will the price on the register be used?
68 lost souls wrote: » I'm guessing the value that the banks valuation dictates? That is in essence the value of the property?
Stheno wrote: » It's the purchase price which is inclusive of vat
Thebing wrote: » The property price register quotes exclusive of VAT. ðŸ™
