The Rebuilding Ireland Home Loan Scheme enables credit-worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range, where they cannot obtain sufficient mortgage finance from a commercial lender. Applicants must be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner.
As with the previous local authority loan offerings, the Rebuilding Ireland Home Loan is available to first-time buyers only. This is set out in the regulations governing the Scheme and ensures the effective targeting of limited resources.
A person who has been discharged from bankruptcy and is eligible in all other respects, including being a first-time buyer, for a Rebuilding Ireland Home Loan may apply for a loan and will be subject to the same credit assessment process that applies to all applicants, which is carried out in accordance with the credit policy for the scheme.
The final decision on loan approval is a matter for the relevant local authority and its credit committee on a case-by-case basis. Decisions on all housing loan applications must be made in accordance with the Regulations establishing the scheme and the credit policy that underpins the scheme, in order to ensure prudence and consistency in approaches in the best interests of both borrowers and the lending local authorities.