The Rebuilding Ireland Home Loan scheme was launched last year to replace the existing House Purchase and the Home Choice Loan schemes. It has been established under the Housing (Rebuilding Ireland Home Loan) Regulations 2018, which also provide for the issuance of a statutory Credit Policy. The purpose of the Credit Policy is to set out in more detail the eligibility criteria for obtaining a loan and procedures to be followed by local authorities in considering loan applications.
In order to assist the on-going administration of the Rebuilding Ireland Home Loan, I have asked my Department to undertake a review of its operation to date. This is due to be finalised shortly, and will have regard to the views from local authorities, the Housing Agency, and the Housing Finance Agency, and will also take account of issues raised by public representatives since the scheme's commencement.
This review will incorporate an examination of queries that have been raised concerning the Credit Policy and the corresponding eligibility criteria. However, in making any recommendations in relation to the operation of the scheme, it must also take account of the need to ensure that lending issued under it is provided on a prudential basis, so as to protect the financial interests of the borrowers and the local authorities.
Applicants for the Rebuilding Ireland Home Loan must be of good credit standing and have a satisfactory credit record. A person who has been discharged from bankruptcy and who meets the other eligibility criteria, including being a first-time buyer, may apply for a Rebuilding Ireland Home Loan, and will be subject to the same credit assessment process that applies to all applicants.
As with the previous local authority home loan offerings, the Rebuilding Ireland Home Loan is available to first time buyers only. There is no change in this regard. This is to ensure the effective targeting of limited resources.
