Dáil Éireann Debate, Tuesday - 19 June 2018
591. Deputy Charlie McConalogue asked the Minister for Housing, Planning and Local Government if a tenant to a local authority or a tenant referred to a housing association by a local authority can avail of a Rebuilding Ireland home loan; and if he will make a statement on the matter. [26597/18]
View answerThe Rebuilding Ireland Home Loan is designed to enable credit-worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The scheme is targeted at first-time buyers who have access to an adequate deposit and have the capacity to repay a mortgage, but who are unable to access a mortgage sufficient for them to purchase their first home. The low rate of fixed interest associated with the Rebuilding Ireland Home Loan provides first-time buyers with access to mortgage finance that they may not otherwise be able to afford at a higher interest rate.
Single applicants for the loan must not be earning greater than €50,000 gross per annum. The combined income of joint applicants must not be greater than €75,000 per annum. There are no set minimum income limits; however, applicants do need to have sufficient borrowing and repayment capacity and must be capable of repaying the mortgage in accordance with the statutory credit policy underpinning the loan. These income limits are unchanged from the previous local authority loan offerings.
Full details of the loan's eligibility criteria and other information is available from the dedicated Rebuilding Ireland Home Loan website: http://rebuildingirelandhomeloan.ie/.
Any person who meets the eligibility criteria may apply for a loan, regardless of whether or not they are on the local authority housing list or qualify for social housing support.
