Dáil Éireann Debate, Tuesday - 6 October 2020
367. Deputy Bernard J. Durkan asked the Minister for Housing, Local Government and Heritage the extent to which he expects to ensure the availability of adequate resources through the Rebuilding Ireland home loan scheme or alternative with a view to addressing the housing shortage directly; and if he will make a statement on the matter. [28798/20]
View answerMeasures such as the Rebuilding Ireland Home Loan and the Help to Buy Scheme are available to eligible purchasers nationally to support home ownership.
The Rebuilding Ireland Home Loan is a Government-backed mortgage which is for first-time-buyers nationwide to purchase a new or second-hand home or to self-build. This scheme offers loans on competitive terms to those who are unable to secure a commercial bank loan.
When the RIHL was initially being developed, it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. The RIHL proved to be more successful than initially anticipated and following discussions with the Department of Public Expenditure and Reform, an increase in funding of €363.6 million for 2018-2019 was communicated to all 31 local authorities on 15 August 2019. Following further engagement with the Department of Public Expenditure and Reform, additional funding for new RIHL lending of up to €210 million has been secured for 2020.
Full details of the scheme are available at http://rebuildingirelandhomeloan.ie.
The Help to Buy Scheme, which is the policy responsibility of the Minister of Finance, is also available to eligible purchasers nationally to support home ownership. The Help-to-Buy scheme currently allows first-time buyers purchasing a newly-built home – or building one themselves – to claim back up to €30,000 in income tax paid and DIRT on bank deposit interest over the last four years. Full details of the Help to Buy initiative are available at https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx.
In terms of affordable home ownership more generally, I will outline my detailed plans in the near future.
