First-time buyers in County Monaghan can use the State-backed First Home Scheme only on new homes or self-builds costing €375,000 or less, the lowest price ceiling in the country. The figure was highlighted by Northern Sound on Monday, 12 October, as the scheme published its performance update for the third quarter of 2026.

Monaghan shares the €375,000 band with Cavan, Carlow, Longford, Offaly and Tipperary. According to the scheme's own table of price ceilings, the same limit applies in Monaghan whether the buyer is purchasing a house or an apartment in a private development or building on their own site. The purchase price, or the self-build cost, must be at or below that figure for the home to qualify.

How the scheme works

The First Home Scheme is aimed at people who already have a deposit and mortgage approval but still cannot bridge the gap to the price of a newly built home. Rather than lending the difference, it takes an equity stake of up to 30% in the property. It is a joint venture between the State and the three main lenders, AIB (including EBS and Haven), Bank of Ireland and PTSB, and RTÉ News reports that it remains open to other authorised mortgage lenders.

The scheme's website warns that because the equity share is linked to the value of the home, the amount a homeowner needs to buy it back will rise or fall with property prices. It also notes that the product is not regulated by the Central Bank, and recommends that applicants take independent financial and legal advice.

What the latest figures show

According to RTÉ News, the scheme has now supported more than 6,500 purchases and self-builds and has issued more than 12,000 approvals since it was set up in 2022. Of the 6,537 drawdowns so far, 37% came in the past year. It has provided almost €440 million in total, and more than 27,000 people have registered an interest.

The average purchase price or build cost for homes bought with the scheme is about €395,000, with average support of about €67,000, or 17% of the price. Two in every three users are also claiming the Help to Buy incentive.

The figures also show how unevenly the money is spread. RTÉ reports that 72% of live approvals are for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 28% shared across the other 21 counties, Monaghan among them. A county-by-county breakdown for Monaghan was not given in the reports.

Chief executive Michael Broderick told RTÉ that approvals topping 12,000 was "very positive news at a critical time for housing in Ireland". Housing Minister James Browne pointed to the recent Budget increase in the maximum Help to Buy support from €30,000 to €35,000.

A ceiling that has already risen once this year

The Monaghan limit was raised by €25,000 to its current level in January, Northern Sound reported at the time, when Cavan and Monaghan were among 17 local authority areas to see an increase. Cavan-Monaghan Fianna Fáil TD Brendan Smith welcomed that change, saying it meant more buyers could "realistically access home ownership".

The scheme says its ceilings are reviewed regularly and may change. For now, a Monaghan buyer looking at a new home priced above €375,000 cannot use it, even though the national average price paid by scheme users is about €20,000 higher. Neighbouring Louth, where the ceiling is €425,000, sits two bands above.

Full details, including the current table of price ceilings, are on the First Home Scheme website.