Dáil Éireann Debate, Tuesday - 8 May 2018
486. Deputy Bernard J. Durkan asked the Minister for Housing, Planning and Local Government if the need to install a robust local authority housing loan system similar to that available in the 1980s will be examined with the objective of ensuring that families that do not qualify for local authority housing on income grounds can apply for a loan to buy or construct their own houses; and if he will make a statement on the matter. [20086/18]
Amharc ar fhreagraFollowing 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 enables 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.
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. Full details of the loan’s eligibility criteria and other information is available from the dedicated Rebuilding Ireland Home Loan website, http://rebuildingirelandhomeloan.ie/.
