The Rebuilding Ireland Home Loan has been made available to first-time buyers who have been unsuccessful in obtaining a mortgage from a financial institution since 1 February 2018. The loan can be used both for new and second-hand properties, or to build your own home. In line with Central Bank rules, a person or couple can borrow up to 90% of the market value of the property.
To avail of the Rebuilding Ireland Home Loan, an applicant must have an annual gross income of not more than €50,000 as a single applicant, or not more than €75,000 for joint applicants. There is also a limit on the value of the property which can be purchased using this loan. In the Greater Dublin Area (Dublin, Louth, Meath, Wicklow, Kildare), Cork and Galway, the maximum market value is €320,000. In the rest of the country, it is €250,000. Under this loan, the maximum loan amount for a property is €288,000 in the Greater Dublin Area, Cork and Galway and €225,000 in the rest of the country, or 90% of the market value of the property, whichever is the lesser.
These figures were determined at the outset of the scheme to be in line with median house prices in these regions and it is evident from the success of the scheme to date that houses continue to be found within this price range.
I have no plans at this time to alter the Rebuilding Ireland Home Loan regulations with regard to the value of eligible properties.