The Rebuilding Ireland Home Loan 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 or to self-build, to borrow up to 90% of the maximum market values, €320,000 in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and €250,000 in the rest of the country.
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 prepared later in 2021. The Local Authority Home Loan will include an increase in the income ceiling for single applicants in counties Dublin, Cork, Galway, Kildare, Louth, Meath and Wicklow, to reflect the higher market prices in these areas, thus increasing the number of people eligible and increasing the borrowing capacity of applicants in these areas within the €320,000 house price limit.
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 which will lower monthly repayments and increase borrowing capacity. This lower rate will also apply to loans issued under the forthcoming Local Authority Home Loan.
The link to the Rebuilding Ireland Home Loan Scheme and FAQ's is: rebuildingirelandhomeloan.ie/
