Declan Breathnach (Louth, Fianna Fail) | Oireachtas source

Page 20 of the programme for Government refers to housing affordability. Ireland has the highest mortgage rate for first-time buyers in the eurozone. Our average rate is 3.15% as opposed to the eurozone average of 1.77%. This is a particularly frustrating and ludicrous interest rate because it means Irish people pay €157 more than the average European mortgage payer. That can equate to €60,000 over the life of a 30 year mortgage. Under the influence of Fianna Fáil, an affordable housing scheme was announced in the budget. I want this to be teased out further and I ask the Minister whether it would make more sense to provide a benefit through tax relief to keep the interest rate near the average eurozone level rather than to see the money end up in the pockets of builders, which is a concern.

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