The new Rebuilding Ireland Home Loan is designed to enable credit-worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The scheme is targeted at first-time buyers who 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. The scheme is established in accordance with the Housing (Rebuilding Ireland Home Loans) Regulations 2018 which set out the criteria for the eligibility for a loan.
As with the previous local authority home loan offerings, loan applications under the Rebuilding Ireland Home Loan are made directly to the local authority in whose area the property proposed for purchase is situated. The Housing Agency provides a central support service which assesses valid loan applications that are made to the local authorities and makes recommendations to the authorities as to whether loans should be offered to applicants. It is then a matter for each local authority's credit committee to make a decision on each application.
Regarding information on eligibility, a dedicated website - www.rebuildingirelandhomeloan.ie - has been developed for the scheme. It contains details of the loan including eligibility requirements, interest rate options, and an online calculator for borrowers. The application form is available to download from this website, while it also provides details on how to make an application, relevant contact details for local authorities, and contact information for a call-centre which has been established to answer general queries. In addition, a series of Frequently Asked Questions is available on the website which provides additional detail for prospective borrowers on a range of issues relating to the loan. The Housing Agency also provides training for local authority staff to support them in administering the scheme.
As the scheme is operated by local authorities my Department does not collect information on the number of enquiries to local authorities regarding the loan or the number of loan applications received by local authorities or the length of time that local authorities take to process applications.
I requested the Housing Agency to compile monthly statistical reports on the numbers of applications that it receives centrally from local authorities. These include the average length of time taken by the Agency to assess applications before returning them to the relevant local authority, which as of the end of June, stands at 11 calendar days.
