For most people buying in Ireland, saving the deposit is the hardest part of the whole process. You need to hit a specific target before any lender will take you seriously — and with property prices where they are, that target can feel a long way off. This guide breaks down exactly how much you need, what schemes can help, and practical ways to get there faster.
Disclaimer: This article is for information purposes only and does not constitute financial advice.
Minimum Deposit for First-Time Buyers
Under Central Bank of Ireland rules, first-time buyers (FTBs) need a minimum deposit of 10% of the purchase price.
So if you’re buying a home for €350,000, you need at least €35,000 saved before you can get a mortgage. The remaining €315,000 can be borrowed — subject to passing the income rules (FTBs can borrow up to 4× gross income).
A few things to keep in mind:
- Your deposit must generally be demonstrably saved — lenders want to see it building up in your bank account over several months.
- Some lenders want slightly more than the bare 10% minimum, especially at higher loan amounts.
- Stamp duty (1% on properties up to €1 million) and legal fees (typically €1,500–€3,000) are on top of the deposit — make sure you budget for these.
Minimum Deposit for Second-Time Buyers
If you’ve owned a home before, the Central Bank applies stricter rules. Second-time buyers need a 20% deposit.
On a €400,000 home, that’s €80,000. The income cap also changes — second-time buyers can borrow up to 3.5× gross income rather than the 4× allowed for FTBs.
How Help to Buy Can Reduce Your Deposit
If you’re a first-time buyer purchasing a new-build home, the Help to Buy (HTB) scheme can cover a significant chunk of your deposit.
HTB gives you a tax refund of up to 10% of the purchase price, with a maximum of €30,000. The money comes from income tax and DIRT you’ve paid in the previous 4 years.
Example: Buying a new build at €350,000? You could claim €30,000 from Help to Buy. That means you only need to have saved €5,000 of your own money to reach the 10% deposit threshold.
Key conditions:
- New builds only (not second-hand homes)
- Property price must be €500,000 or less
- You must take out a mortgage of at least 70% LTV
- You must live in the property — it cannot be a rental investment
The First Home Scheme and Deposits
The First Home Scheme (FHS) takes a different approach. Instead of topping up your deposit, the government takes an equity stake in your home — up to 30% (or 40% in some designated areas).
This reduces the size of the mortgage you need, which can help you bridge the gap between what you can borrow and what the property costs. However, it does not replace the deposit requirement — you still need your 10% saved.
Saving for Your Deposit: Practical Tips
The fastest way to save a deposit is to treat it like a bill — an automatic transfer each payday before you touch the rest.
Some options worth looking at:
- State Savings products (from An Post): Government-backed, no risk, competitive rates. National Solidarity Bonds and Savings Certificates are popular for medium-term saving.
- Regular saver accounts: Most Irish banks offer regular saver accounts with higher interest rates if you commit to monthly deposits.
- DIRT: Interest on savings is subject to DIRT at 33%. State Savings products are DIRT-exempt, which makes them more attractive for larger balances.
- Help to Buy: If you’re paying PAYE, every year of tax you’ve paid is working towards your HTB claim. Make sure you’ve filed your returns.
Set a specific monthly savings target and track it. If you need €35,000 in 3 years, that’s roughly €970/month. Make it concrete.
Can a Gifted Deposit Count?
Yes — gifted deposits are accepted by Irish lenders, but they come with conditions. Typically the lender will require:
- A gift letter from the person giving the money, signed and witnessed, confirming the money is a genuine gift and not a loan
- Confirmation that the gift-giver has no claim over the property
- Proof the funds have landed in your account
Most lenders will accept a gift from a parent or close family member. Some may want to see that the money has been in your account for at least one month.
Frequently Asked Questions
Can I use my pension to fund a deposit? Generally no — pension funds in Ireland are locked in until retirement. Speak to a financial advisor if you have specific circumstances.
Do I need to have saved the full deposit myself, or can it be partly gifted? It can be partly or fully gifted, provided you supply a proper gift letter and the lender is satisfied the funds are genuine.
What’s the difference between a deposit and a booking deposit? When you agree to buy a property, you typically pay a booking deposit (often €5,000–€10,000) to the estate agent. This is part of your purchase deposit — it comes off the total.
Can I borrow the deposit? No. Central Bank rules prohibit borrowing your deposit. If a lender discovers you’ve taken a personal loan to fund the deposit, the mortgage application will be declined.
Use our mortgage calculator to see how your deposit size affects your repayments and what you could borrow.
This article is for information purposes only and does not constitute financial or mortgage advice. Mortgage Bible is not regulated by the Central Bank of Ireland. Always speak to a qualified mortgage broker or lender before making any financial decision.
