The Government is set to introduce a new scheme to give financial aid to first-time buyers.

The scheme, based on upfront tax repayments, will be introduced as part of Budget 2017.

It is reported that Government figures have said that the grant given will be “very generous”.

It will aim to help prospective homebuyers that have been hampered by Central Bank lending restrictions.

Housing Minister Simon Coveney will publish details of the plan later this week, according to the Irish Independent .