First Time Buyers Scheme extended to € 175,000 from € 150,000

Reference Number: PR192275 , Press Release Issue Date: Oct 24, 2019
 
The 2020 budget is the strongest ever implemented by the Government. It is also a budget that creates more wealth, especially for the vulnerable and those who work every day, and to prepare Malta for a successful sustainable future.

During a press conference, Parliamentary Secretary for Local Government and Communities Silvio Parnis said that the central government is once again putting the local government sector at the forefront of its national agenda. The central government is in fact building on the local government reform and more measures which will continue strengthening this area have been introduced. The local and regional councils will also see a global financial increase of €2.52 million over the current year. “This is a clear indication that the government is taking the local and regional councils seriously and is focusing especially on giving assistance in the environmental sector, in maintaining cleanliness in our localities and in strengthening both the financial and human resources”, said Parliamentary Secretary Silvio Parnis.

pr192275a.jpg 

He said that this budget introduced a scheme whereby a number of people will be assigned to the regional councils and therefore these will be further strengthened. Several smart bins around Malta and Gozo will also be introduced and several new schemes which will improve the standard of living of local citizens will also be launched.

“This budget is packed with concrete measures aimed at helping Maltese and Gozitan people.”

Parliamentary Secretary for Planning and the Property Market Chris Agius explained that not only has the First Time Buyers scheme been renewed, but this has also been extended from €150,000 to €175,000. “We did this to continue helping our youths to become homeowners. Through this scheme our youths can save up to €6,500. In this way, thanks to this scheme we will be leaving €6,500 in our youths’ pockets and in the pockets of all those who decide to become homeowners for the first time”, said Parliamentary Secretary Agius.

“We have also thought of those who wish to purchase a property but who are struggling to pay 10%. We are going to help these people by offering a loan of €17,500 as payment of this 10%, to be paid across a period of 15 years without interest.”

pr192275b.jpg 
 
Parliamentary Secretary Chris Agius also mentioned the Second Time Buyers scheme, which this year has also been renewed so that those who purchase their second home can save up to €3,000 on stamp duty.

The scheme reducing stamp duty for the purchase of property in Gozo or in Urban Conservation Areas has also been extended.

A measure reducing the payment of tax on land withdrawal has been introduced, not only to safeguard the interests of young couple who are buying, but also those of people selling their homes for development. Here there will be a reduction from 25% to 15% on the first €100,000 for any profit made on withdrawals.

Government will see to the continuation of the scheme ‘Irrestawra Darek’ which has helped so many families to restore the facades of their homes.

These are only a few of the measures in this fifth budget with a surplus and the third consecutive budget without any tax, a budget with 171 measures so that we will continue growing together.