Special fund for first-time buyers to be launched this summer

New housing under construction in Amsterdam. Photo: Dutch News

The government is launching a special fund to help first time buyers get a foot on the housing ladder, which will give them a discount of up to €50,000 – as long as the property is a new one.

The Nationaal Koopstartfonds will be launched in the summer, following research which showed it is more difficult now than at any time in the last 40 years for youngsters to buy their first home, the AD reported on Monday.

The home affairs ministry has put €70 million into the fund, which was first mooted last year, and is hoping local authorities and developers also make a contribution.  

First-time buyers can apply for help if they are buying a newly-built home that costs no more than €390,000. Buyers may also earn no more than twice the median income, which is currently around €40,000, according to national statistics bureau CBS.

Developers will apply for the subsidy on behalf of the buyers and the buyers will repay the money into the fund when they sell the property and move on.

There are other options open to first time buyers as well. Many local authorities offer loans which are interest free for the first few years. Some developers also offer housing at a discount which require the buyer to pay them a proportion of the profits when the property is sold.

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