First Time Buyer Schemes & Government Incentives
Grants and savings available to First Time Buyers.
All you need to know on how to save thousands of euros. You must conduct your research well on the available First time buyers schemes and government incentives, for you to benefit from. Here is all you need to know when buying your first home.
It does not matter where you are in the world, buying your first property can be extremely stressful, financially daunting and at times seem impossible! Not any more…with an experienced real estate agent at your side, you will benefit from their decades of experience and receive expert guidance all the way. Plus, when you pick Frank Salt Real Estate you also benefit from an excellent package brimming with discounts and savings when you come to furnish and finish your new home. Working with Malta’s leading banks, retailers, and suppliers, we have negotiated an exclusive, total savings package worth over €15,000!
No stamp duty on the first €200,000
To sweeten the deal further, there’s the stamp duty reduction that the government is offering: as a First-Time Buyer (if you purchase a property till the end of 2023), NO STAMP DUTY WILL BE DUE on the first €200,000 of the property price. This can amount to savings of up to €10,000 (based on standard rate of 5%).
€10,000 grant for first time buyers
First-time buyers are also eligible for a one-time €10,000 grant spread out over 10 years subject to the property not exceeding the value of €500,000.
Deposit Payment Scheme
People buying their first home – given that its value does not exceed €225,000 – can also avail from the Deposit Payment Scheme. The aim of the Scheme is to assist people who despite being eligible for a home loan do not have the necessary liquidity to pay the required 10% down payment on the signing of the promise of sale. Whilst the applicant will be paying this personal loan, the Housing Authority will be financing the interest incurred on this loan during the whole term (up to 25 years). This scheme is available for all first time buyers.
VAT return on renovations and restoration works
First-Time Buyers can also apply for reimbursement of certain expenses up to a refund of €54,000 related to the restoration and finishing of their home. This applies if the property is located within an Urban Conservation Area (UCAs), it is has been built for more than 20 years and have been vacant for more than seven years, as well as for new properties that are developed in conformity with specific criteria reflecting a ‘traditional’ element.
Costs eligible include restoration and finishing works, including the cost of materials, labour, the hiring of equipment, professional fees, planning fees and other government charges.
Both exterior and interior finishing works are eligible, including plastering and painting, electricity and plumbing works, tiles and marble, internal and external doors, windows and bathrooms.
Professional fees, such as architect’s fees, specialist consultancy or project management costs are also eligible but will be capped at a maximum rate of 10 per cent of the total eligible expenditure applied for each application. This scheme is also available to any other buyer (not just first-time buyers) and applications will be received till December 2024.
Excited enough to get going with buying first property? Time to talk to us.
If you are eager about the prospects of owning your very first home, just have a look at some of the exceptional, exclusive collective savings that our First-Time Buyer’s Pack has to offer.
- Savings on notarial fees in collaboration with APS Bank, who will also waive all legal fees
- 50% off towards the first year of home insurance, in collaboration with GasanMamo Insurance.
- Savings and discounts on kitchens and furniture of up to 35% from selected outlets including The Atrium, Carmelo Delia, Dino Fino, Chateau D’Ax, Miton Cucine, Joinwell, Scavolini and Onepercent
- Up to 30% off on sanitaryware and flooring solutions from B&M, RLiving and Waterart
- Discounts of up to 30% from ITC and Triple A, plus attractive discounts on air conditioning units, PV Panels and solar water heaters from Bajada New Energy and BT Commercial
- Up to 30% off on lighting and home furnishings from B4 Group, The Atrium, Gwarnic, ITC and PhotoCiancio
- Attractive offers on internal doors from Dimech Enterprises
We keep adding more suppliers to their list so make sure to check out our page regularly.
If you need expert guidance when it comes to making your final decision on buying your first home, an experienced real estate agent will have you covered! They can answer all the questions and take you through the whole process of preparation, qualification and legal requirements that you will have to deal with when buying your first property. This all goes to show that we do far more than just sell properties to first time buyers! We will accompany you through the entire process: from choosing your first selection of properties to view, then on to the process of elimination and finally deciding on “the one”!
On top of that we will negotiate on your behalf with vendors, assist you with applying for bank loans, complete all the paperwork and deal with notaries on your behalf. We will also sit with you and discuss which of the discounts and incentives we exclusively offer you want to make use of and which government incentives you qualify for.
When buying with Frank Salt you can benefit from the below inhouse grants and save thousands.