First-time buyers who bought a property last year with a bank loan can start applying for a yearly €1,000 grant applicable over ten years at the Housing Authority on Monday, the 20th of February.

Prime Minister Robert Abela announcing the scheme on Friday, said the objective of this grant is clear; “that the dream of purchasing a first property will be a positive experience for the youths of Malta and Gozo.”

The Prime Minister explained that the challenges faced by first-time buyers are no secret; the determination to purchase their first property and turn it into a home for them and their families while, in parallel, moving forward in their career path.

He said that “this scheme will be part of a wider package of support that the government gives to first-time buyers. This includes, for example, the removal of stamp duty for first-time buyers, as well as other schemes for specific circumstances such as the Equity Sharing and New Hope, all of which are aimed at upholding the spirit of social justice.”

This grant will not be subject to any means test, and the Housing Authority will be issuing annual payments during June by means of a bank transfer directly into the applicant’s bank account, if the applicant is the sole beneficiary, or into a joint account, if the applicant is a couple.

The applicants that bought their first residential home from 1st of January 2022 have until 31st of May 2023 to apply and receive their first payment in June 2023. If the contract is signed in 2023, applicants must apply by March 2024 and will receive the first payment in June 2024.

Applications are to be submitted on housingauthority.gov.mt

File photo: Gozo News/Alain Salvary

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