Dáil Éireann Debate, Tuesday - 6 May 2014
307. Deputy Finian McGrath asked the Minister for the Environment, Community and Local Government if any housing schemes are available whereby low paid couples on a joint income of €60,000 can get a loan to buy a home. [20257/14]
View answerThere are two types of house purchase loan available from local authorities: standard annuity loans targeted at lower income first time buyers and loans under the Home Choice Loan scheme which are available to qualifying middle income first time buyers. The terms and conditions governing the operation, including eligibility terms, of annuity mortgages and the Home Choice Loan are set out under various Regulations such as the Housing (Local Authority Loans) Regulations 2009, the Housing (Home Choice Loan) Regulations 2009, and most recently in the Housing (Local Authority Loans) Regulations 2012. These are available on my Department’s website: http://www.environ.ie/en/Legislation/DevelopmentandHousing/Housing/.
To qualify for a Home Choice Loan applicants must:
- be a first time buyer
- earn over €35,000 as a single applicant and over €45,000 combined income as joint applicants;
- be in continuous employment for a minimum of one year; if self-employed be able to submit two years certified accounts;
- provide evidence via a broker that they could not obtain sufficient finance from two banks or building societies.
Information on Home Choice Loan can be found on www.homechoiceloan.ie.
