Dáil Éireann Debate, Thursday - 11 November 2021
44. Deputy Alan Farrell asked the Minister for Housing, Local Government and Heritage the impact the reduced interest rate for local authority mortgages under the Rebuilding Ireland home loan has had since its introduction in September 2021; and if he will make a statement on the matter. [55110/21]
View answerAs part of Housing for All, I announced a reformed successor to the Rebuilding Ireland Home Loan Scheme (RIHL), the 'Local Authority Home Loan'. On 10 September 2021, I also announced a reduction of the mortgage interest rate for new borrowers of the Rebuilding Ireland Home Loan by 0.25%. This lower rate will be retained for mortgages issued under the forthcoming Local Authority Home Loan scheme.
This rate reduction makes repayments for new borrowers more affordable and is expected to increase the uptake of Local Authority mortgages over time. While it is too early yet to determine the impact of the interest rate reduction, my officials will keep this under review.
