Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

I assure the Deputy and the House there is no question of seven times a salary being advanced. The minimum income is €40,000 and the maximum loan is €285,000. The rule of thumb which will be applied by the four designated local authorities and the central office, backed up by the Affordable Homes Partnership, is that approximately five times salary or less will be advanced. The insurance is that the people involved must be in a position to make repayments that will not go above one third of salary. That is a safety feature and an important part of the loan structure. We are not putting people in a position where they will not be able to make repayments. This loan is targeted at those who have the income to make repayments but who do not have the deposit.

See this speech in context