Government announces new scheme to help first-time buyers

A new scheme to assist first-time house buyers was announced this afternoon by the Social Policy Ministry.

The minister, John Dalli, said the scheme will be open to single or separated persons, single parents, married or unmarried couples, and couples with children. The scheme is divided into three categories with the maximum value of the properties ranging from €70,000 to €120,000.

In terms of the scheme, the government will pay up to 30% of monthly bank loan repayments for 10 years. This assistance would not have to be paid back by the applicants.

The minister said the new scheme, which will be formally launched in December, will replace the Equity Sharing Scheme, where assistance had to be repaid. (See Mr Dalli's brief explanation on video above)