Dáil Éireann Debate, Tuesday - 28 September 2021
164. Deputy Emer Higgins asked the Minister for Housing, Local Government and Heritage if he will report on the future plans for the Rebuilding Ireland home loan scheme in the context of the Housing for All plan; and if he will make a statement on the matter. [46322/21]
View answerAs 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 for a mortgage.
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 will result in lowering the monthly repayments and/or increasing borrowing capacity for applicants; this lower rate will also apply to loans issued under the forthcoming Local Authority Home Loan.
In addition I also announced a ‘Fresh Start’ principle for applications to State affordable housing and loan schemes. This means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, will be eligible to apply.
I look forward to announcing further details in respect of the Local Authority Home Loan in the coming months.
The link to the Rebuilding Ireland Home Loan Scheme and FAQ's can be found in the link below:
rebuildingirelandhomeloan.ie/
