Dáil Éireann Debate, Tuesday - 16 June 2020
1073. Deputy Martin Kenny asked the Minister for Housing, Planning and Local Government the percentage or element of commission income earned which is taken into account when assessing applications for the Rebuilding Ireland home loan scheme; and if he will make a statement on the matter. [11155/20]
Amharc ar fhreagraCommission, bonuses and overtime are reckonable for calculation of borrowing and repayment capacity for the Rebuilding Ireland Home Loan but restrictions are applied. Appropriate and verifiable evidence must be obtained to support any overtime, bonus or commission payments included in the net income calculation (i.e. long- term nature, performance related, etc.)
The final decision on loan approval is a matter for each 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 statutory credit policy that underpins the scheme, in order to ensure consistency of treatment for all applicants. While the credit policy does set out guidance in this area, this information is considered commercially sensitive and its release could reasonably be expected to prejudice the effectiveness of the credit committee in reaching a balanced decision on the merits of an individual mortgage application under this scheme.
Loan applicants who are dissatisfied with a loan application decision of a local authority Credit Committee may appeal that decision to the local authority. Details of the appeals process can be obtained from the relevant local authority.
