Dáil Éireann Debate, Tuesday - 19 June 2018
574. Deputy Paul Kehoe asked the Minister for Housing, Planning and Local Government when he plans to report on the findings of the review of the Rebuilding Ireland home loan scheme and the proposed changes from the review; and if he will make a statement on the matter. [26236/18]
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, known as the Rebuilding Ireland Home Loan (RIHL), was introduced on 1 February 2018.
Following the initial roll-out of the scheme, in April I met with the Chief Executives of the two main agencies involved in the implementation of the Rebuilding Ireland Home Loan, the Housing Agency and the Housing Finance Agency, and I requested that they address a number of issues to improve the operation of the scheme.
On foot of this engagement, some minor clarifying amendments have been made to the application form, while a number of additional FAQs have been added to the dedicated Rebuilding Ireland Home Loan website in order to further clarify issues for potential applicants. The on-line calculator on this website has also been amended in order to take the cost of mortgage protection insurance into account. This will therefore give potential applicants a clearer indication of the amount that they could be eligible to borrow under the scheme.
My Department will continue to clarify issues that arise around the Rebuilding Ireland Home Loan, as necessary, as is the case with any other scheme. I have not asked for a formal review of the scheme at this stage, nor do I believe that one is necessary, given the positive response to it to date. This is evident from the almost 1,500 loan applications submitted by local authorities to the Housing Agency, for assessment, as of the end of May.
