Aindrias Moynihan (Cork North West, Fianna Fail) | Oireachtas source

On the face of it, the home loan scheme appears to be attractive. It must be welcomed as a great number of people trapped in the €40,000 to €70,000 income bracket are under great pressure in trying to buy their own home. The scheme offers them an opportunity to do so. The Minister has acknowledged that the funding will be limited to approximately 1,000 applicants who will be able to avail of the first tranche of funding for the scheme. He has identified that the affordability gap is greater in Cork, Galway and Dublin. Is it envisaged that once the scheme is open, there will be a scramble to be in the first 1,000 loan applications which will be snapped up immediately in these areas or will it be steered throughout the country to allow for more balanced regional development? Will the applications be dealt with on a first come first served basis? The Minister mentioned a second tranche of funding for the scheme. When will it come to pass? Will it come on stream as soon as the first tranche is used, or has the Minister set a timeline for it? We need to obtain clarification in that regard? There is pent up demand for the scheme. It appears that it could help, but it will be very limited in providing funding for the provision of 1,000 homes only.

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