Dáil Éireann Debate, Thursday - 14 July 2022
366. Deputy Pauline Tully asked the Minister for Housing, Local Government and Heritage the total number of applicants for Rebuilding Ireland home loans from counties Cavan and Monaghan; the total number that have been successful; the total number that have been refused; and if he will make a statement on the matter. [39116/22]
View answer372. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the total number of applicants for Rebuilding Ireland home loans and local authority home loans from Cork; the total number that have been successful; the total number that have been refused; and if he will make a statement on the matter. [39205/22]
View answerThe Local Authority Home Loan has been available nationwide from local authorities since 4 January 2022. Prior to that, the Rebuilding Ireland Home Loan was the mortgage available from local authorities. As of 4 January 2022, no new Rebuilding Ireland Home Loan applications are accepted, although applications/approvals already in process are being honoured.
The Housing Agency provides a central support service that assesses applications for the Rebuilding Ireland Home Loan, and its successor the Local Authority Home Loan scheme, on behalf of local authorities and makes recommendations to the authorities to approve or refuse applications.
Each local authority must have in place a credit committee and it is a matter for the committee to make the decision on applications for loans, in accordance with the Regulations establishing the scheme and the Credit Policy that under pins the scheme, having regard to the recommendations made by the Housing Agency.
The most recent figures provided by the Housing Agency on the number of Rebuilding Ireland Home Loan applications that it has assessed and recommended for approval and decline for Cavan County Council, Monaghan County Council, Cork County Council and Cork City Council from March 2018 up to the end of June 2022 are set out in the below table:
|
Local Authority |
Applications Assessed |
Recommended to Approve |
Recommended to Decline |
|
Cavan County Council |
45 |
23 |
22 |
|
Monaghan County Council |
119 |
36 |
83 |
|
Cork City Council |
480 |
209 |
271 |
|
Cork County Council |
866 |
414 |
452 |
My Department regularly publishes information on the number and value of (i) local authority loan approvals and (ii) local authority loan drawdowns. Local authority approval means that an official letter of offer has been sent to a borrower (and therefore relates to a specific property and loan amount).
Information on Rebuilding Ireland Home Loan drawdowns, approvals, average drawdowns, and average approvals to Q1 2022 is available at the following link, under the folder name 'Rebuilding Ireland Home Loan' which will be updated as soon as figures are available:
www.gov.ie/en/collection/42d2f-local-authority-loan-activity/#local-authority-loans-approvedpaid
