With over 180,000 vacant and derelict sites going to waste around the country, the scheme could see thousands of properties occupied again.
The move is one of several leaks of the Government's upcoming Housing for All policy programme.
Until now, first time buyers grants were only available for new builds.
However, with over 180,000 vacant and derelict sites going to waste around the country - and owners soon forced to include vacant sites on their property tax form - the scheme could see thousands of properties occupied again.
Elsewhere, it's reported that a crackdown on properties being rented through Airbnb is also set to be included in the Housing policy.
The short term rental market is believed to be partly responsible for the shortage of rental properties for long term leasing in Ireland.
It's believed licenses will soon be required for short term lets - and the law will be enforced by the Residential Tenancies Board.
Government is also considering increasing the borrowing power of the new land development agency by 30 percent (300 million euro)
as part of the 8 year plan.
This would deliver more affordable homes in the next few years.