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Home Loan Scheme

Dáil Éireann Debate, Tuesday - 27 March 2018

Tuesday, 27 March 2018

Ceisteanna (636, 642)

Jan O'Sullivan

Ceist:

636. Deputy Jan O'Sullivan asked the Minister for Housing, Planning and Local Government the eligibility criteria for the Rebuilding Ireland home loan in relation to employment status in view of the fact that the website refers to continuous employment (details supplied); if the scheme is intended to include the workers who have continuous employment but are not defined as permanent; if they will be eligible for same; and if he will make a statement on the matter. [13897/18]

Amharc ar fhreagra

Robert Troy

Ceist:

642. Deputy Robert Troy asked the Minister for Housing, Planning and Local Government when a reply will issue to correspondence (details supplied). [14002/18]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 636 and 642 together.

Following a review of the two existing local authority home loan schemes, the House Purchase Loan and the Home Choice Loan, a new loan offering, the Rebuilding Ireland Home Loan, was made available on 1 February 2018. The new loan will enable credit-worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The low rate of fixed interest associated with the Rebuilding Ireland Home Loan provides first time buyers with access to mortgage finance that they may not otherwise have been able to afford at a higher interest rate.

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. As with the previous local authority loan offerings, the Rebuilding Ireland Home Loan is available to first-time buyers only. This is to ensure the effective targeting of limited resources.

In order to be eligible for the scheme, single applicants must not be earning greater than €50,000 per annum and the combined income of joint applicants must not be greater than €75,000 per annum.

The primary earner on the application must have at least two years' continuous employment (this can be self-employment) and the second applicant must have continuous employment for at least one year. I have asked my Department to liaise with the Housing Finance Agency to ensure that there is consistent information in relation to eligibility for the loan.

Full details of the loan’s eligibility criteria and other information is available from the dedicated Rebuilding Ireland Home Loan website http://rebuildingirelandhomeloan.ie/ .

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