Dáil Éireann Debate, Thursday - 6 July 2023
257. Deputy Bernard J. Durkan asked the Minister for Housing, Local Government and Heritage the extent to which it is proposed to upgrade income qualification levels for local authority housing loans, with a view to making such loans more readily available to suitably qualified applicants; and if he will make a statement on the matter. [33365/23]
Amharc ar fhreagraThe Local Authority Home Loan is a Government-backed mortgage for those 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 for first-time buyers and fresh start applicants. The loan can be used both for new and second-hand properties, or to self-build.
Supporting home ownership is a key objective for this Government and as part of achieving this I recently announced significant changes to the house price and income limits, with effect from 1 March 2023, which apply in the Local Authority Home Loan, which will result in more people being eligible to apply.
Increased income limits for all applicants in each local authority area are:
• €70,000 annual gross income for all single applicants nationwide
• €85,000 annual combined gross income for all joint applicants nationwide.
I will continue to keep the Local Authority Home Loan under review to ensure it remains a relevant support for people who want to own their own home.
