As part of the eligibiity criteria for the Rebuilding Ireland Home Loan an applicant must be in continuous employment for a minimum of two years, as a primary earner or be in continuous employment for a minimum of one year, as a secondary earner.
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 and to protect both borrowers and local authorities, as lenders, alike.
The Rebuilding Ireland Home Loan is not, as a general rule, available to those in receipt of unemployment or other social welfare benefits. However, where there is a primary income of a waged or salaried nature, long term state benefit payments may be considered.
State benefit payments allowable are:
- State Pension (Contributory);
- State pension (Non-Contributory);
- Widow’s / Widower’s Pension;
- Blind Pension;
- Invalidity Pension;
- Disability Allowance.
The long-term nature of the payment must be confirmed by the Department of Employment Affairs and Social Protection or other relevant Government Department. Independent confirmation is required in such circumstances.
Further information is available on the dedicated Rebuilding Ireland Home Loan website, www.rebuildingirelandhomeloan.ie.