The Minister for Housing and Lands, Owen Bonnici, announced three positive changes to the First-Time Buyers Scheme, the most important being the doubling of the assistance provided to persons with disabilities to €20,000.
The First-Time Buyers Scheme provides assistance of €1,000 per year for a period of ten years, in order to assist young people during the first years after purchasing their first home. For persons with disabilities, this grant will now increase to €20,000.
This is one of the measures in the Electoral Manifesto being implemented during the Government’s first 100 days and, according to Minister Bonnici, demonstrates the commitment to making assistance fairer and targeted towards those who need it most.
Minister Bonnici said, “Our aim is to continue providing concrete assistance to families so that more people can become homeowners. With this package of three changes that we are announcing today, we are strengthening assistance for persons with disabilities, while continuing to update our schemes according to today’s realities and needs.”
Minister Bonnici also announced that the scheme is being updated to cover cases where a property was given as a donation after 2022, but subsequently a loan was taken out for the construction or completion of the same home. Those persons will now also be able to benefit from €1,000 per year for a period of ten years.
Furthermore, the scheme will also be extended to other buyers who are not first-time buyers, but whose second property purchase will be their primary and only residence and who do not own any other properties. This third change will therefore address different situations, including separated persons who need to purchase a new property for it to serve as their primary residence.
The Chief Executive of the Housing Authority, Matthew Zerafa, said, “Behind every application there is a person or family aspiring to become a homeowner. However, not everyone starts from the same point and life circumstances change. Therefore, the amendments we are announcing today are specifically intended to ensure that assistance reaches those who need it in a fairer way, including persons with disabilities, separated persons and families who have found themselves in different circumstances. We are committed to continuing to listen to people, understand their realities and adapt our schemes so that more people have a real opportunity to become homeowners.”
In Malta, around 85% of Maltese families own their property. This remains one of the main aspirations of families, particularly young people who are taking this important step in their lives, the statement read.
The Housing Authority offers a wide portfolio of schemes to help families become homeowners and strengthen their ability to meet the costs associated with purchasing and maintaining property. On average, every day one family benefits from one of the Housing Authority’s schemes to enable them to become homeowners, it concluded.