Prime Minister Robert Abela has announced the new measure for first-time property buyers, who will get €10,000 over ten years - €1,000 each year - starting Monday.

During a press conference on Friday, Abela announced the launch, and revealed details of the measure which was promised in the PL electoral programme. 

As from next Monday 20 February, first-time-buyers can submit their applications for this grant. 

CEO of the Housing Authority Matthew Zerafa detailed the eligibility of applicants for this grant, who need to meet two simple criteria; all first-time buyers who have bought property from 1 January 2022 onwards, and those who have had to obtain a bank loan for it, will be granted €1,000 every year for ten years, amounting to €10,000, to help with their home loan repayments. 

Applicants must provide a joint, or main account in the case of single persons, the account from which the monthly payment is taken to pay the bank loan. 

The scheme will stop if the property is sold to third parties, with Zerafa insisting this is in aid for first-time buyers.

If there are two applicants, and one of them decides to buy the other applicant’s share, the share will be transferred to one person and that person may still benefit from the grants.

In the case that there are two applicants, and one of them is not eligible for the first-time buyer scheme, the other applicant may still benefit from €500 for ten years.

The payments will be issued on June of each year. Applicants who have bought their property last year, must apply starting from next Monday up until the end of May this year, so that they can start receiving the grant in June of this same year.

Those who have bought, or will buy property this year, have till March 2024 to apply, and payments will be issued in June 2024, Zerafa said.

For second, and remaining payments of the scheme, the beneficiaries must present a bank statement of the first three months of the year in the second year of the scheme. This must be submitted to the Housing Authority to ensure that the scheme is still active, Zerafa said.

Those eligible may simply apply online on the Housing Authority website, housingauthority.gov.mt, from Monday 20 February.

This is to facilitate the process of first-time buyers, who are often youths, becoming owners of their homes, Abela said.

“The aim of this grant is clear – to help youths carry out their wishes in buying their first residence and facilitate the process of becoming owners,” Abela said.

Abela said that this is one of the many incentives which will help first-time buyers in their loan payments, as well buying things for their property. He added that this experience should be a positive one, and not an excessive burden for buyers.

“We will continue to incentivize first-time buyers to help with their challenges, as they wish to own their own home for their children whilst building their careers,” Abela said. He appealed to developers not to take advantage of the scheme and increase the price of property.

Minister for Affordable Housing Roderick Galdes also spoke, saying that the first-time buyer may now turn to government for help with various schemes and measure they can benefit from.