Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

-----single people with an income of €50,000 or less and couples with an income of €75,000 or less where they have been refused a mortgage from the bank but could pay that mortgage back with this product because it is at a fixed low rate. It has been very popular. So far, 575 people have been helped with buying their first home with a Rebuilding Ireland home loan and a further 1,000 applicants have been approved but have not yet drawn down the funding. The scheme was initially limited at €200 million and that €200 million has been allocated, but as loans are not drawn down - they expire after six months if they are not drawn down - more finance does become available.

We now have to consider two things: whether we should increase the cap above €200 million, and that is under consideration by the Government, and we have to consult the Central Bank because this is a mortgage. It is a loan that is being offered to people who have been turned down by banks and building societies and it is at a reduced interest rate. We have to consider two things now: whether we should increase the €200 million cap and the need to consult the Central Bank as to whether it is comfortable with us offering more of these loans, taking into account the fact that it is a low-interest loan offered to people who were not able to get loans from commercial lenders.

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