Dáil Éireann Debate, Tuesday - 12 July 2022
434. Deputy Aindrias Moynihan asked the Minister for Housing, Local Government and Heritage his views on whether an approval for a local authority home loan should be valid for purchasing a home in any local authority area; and if he will make a statement on the matter. [37718/22]
View answerThe Local Authority Home Loan is a Government-backed mortgage for those on modest or low incomes who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022 for first-time buyers and fresh start applicants. The loan can be used both for new and second-hand properties, or to self-build. It is the successor to the Rebuilding Ireland Home Loan (RIHL).
Applicants can apply for a Local Authority Home Loan to more than one local authority. However, a separate application form must be completed for each local authority applicants apply to and go through their application process. Applicants may only borrow one Local Authority Home Loan for the purchase of a home or a self-build within the local authority area where they are purchasing or building the property.
The final decision on Local Authority Home Loan applications is a matter for the relevant local authority. Decisions on all housing loan applications must be made in accordance with the Regulations establishing the scheme and the credit policy that underpins the scheme, in order to ensure prudence and consistency in approaches in the best interests of both borrowers and the lending local authority.
Further information on the scheme is available on the dedicated website www.localauthorityhomeloan.ie/.
