Dáil Éireann Debate, Tuesday - 21 September 2021
274. Deputy Steven Matthews asked the Minister for Housing, Local Government and Heritage the position regarding first-time buyers who wish to purchase second-hand homes; the initiatives that will be made available to them through the Housing for All strategy or related initiatives from his Department; and if he will make a statement on the matter. [44678/21]
View answerMy Department operates the Rebuilding Ireland Home Loan, which is targeted at first time buyers who wish to own their own home, 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 loan enables credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range or to self-build.
The link to the Rebuilding Ireland Home Loan Scheme and FAQ's can be found at rebuildingirelandhomeloan.ie/
As part of Housing for All, I announced that a reformed successor to the Rebuilding Ireland Home Loan Scheme, the 'Local Authority Home Loan', will be in place later in 2021. The Local Authority Home Loan will include an increase in the income ceiling for single applicants, thus increasing the number of people eligible. In addition, I have already implemented a reduction of the mortgage interest rate for new borrowers by 0.25% under the existing Rebuilding Ireland Home Loan (RIHL), as from 10 September 2021; this lower rate will also apply to loans issued under the forthcoming Local Authority Home Loan.
