Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

A number of issues arise but one issue that is not often mentioned is the impact on non-first-time buyers. The combined impact of the scheme and the 20% deposit requirement disadvantage these buyers when it comes to buying a new home. First-time buyers require a 10% deposit for a €400,000 house, which is €40,000, and they can get half that under this scheme. Their deposit, therefore, is €20,000. Non-first-time buyers requires a 20% deposit, which is €80,000, but they cannot access the scheme. That is a significant distortion of the market. That is not entirely down to the scheme as the Central Bank imposes different deposit requirements. However, these important issues are having an impact on families. I welcome that the Indecon assessment is under way and will be completed by late August. I trust the Minister's successor will share that with the Oireachtas in order that we can have a fuller debate in the lead-up to the forthcoming budget.

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