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Housing Policy

Dáil Éireann Debate, Tuesday - 21 June 2022

Tuesday, 21 June 2022

Ceisteanna (262)

Kathleen Funchion

Ceist:

262. Deputy Kathleen Funchion asked the Minister for Housing, Local Government and Heritage if he will consider reviewing with a view to increasing the current property valuation limit for fresh start home loans administered by local authorities (details supplied); and if he will make a statement on the matter. [32137/22]

Amharc ar fhreagra

Freagraí scríofa

The Local Authority Home Loan is a Government backed mortgage for those on modest or low incomes who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022. The loan can be used both for new and second-hand properties, or to self-build. It is the successor to the Rebuilding Ireland Home Loan.

The maximum market values of the property that can be purchased or self-built are:

- €320,000  in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and

- €250,000  in the rest of the country.

This limits the amount that can be borrowed to no more than €288,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000  in the rest of the country.

While there are no plans at present to change the house price limits, this situation will be kept under review.

Further information on the scheme is available on the dedicated websites

www.localauthorityhomeloan.ie/ and www.gov.ie/en/service/00500-local-authority-home-loan-scheme/.

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