Dáil Éireann Debate, Thursday - 17 September 2020
105. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the credit criteria for inclusion in the Rebuilding Ireland home loan scheme, for example, if a previously defaulted credit card is grounds for refusal; and if he will make a statement on the matter. [24588/20]
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.
As part of the application process for the Rebuilding Ireland Home Loan scheme, applicants must:
- consent to an Irish Credit Bureau search; and
- provide evidence of all existing borrowings, with 12-month up-to-date loan statements.
Applicants with a poor record of repayments for credit cards etc are unlikely to secure approval for the Rebuilding Ireland Home Loan. However, the final decision on loan approval is a matter for each local authority and its Credit Committee on a case-by-case basis.
Decisions on all housing loan applications must be made in accordance with the statutory credit policy that underpins the scheme, in order to ensure consistency of treatment for all applicants. Loan applicants who are dissatisfied with a loan application decision of a local authority Credit Committee may appeal that decision to the local authority. Details of the appeals process can be obtained from the relevant local authority.
