Originally Posted by Collyb101
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.
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