John Cummins (Fine Gael) | Oireachtas source

There will be statements on the budget later but as I am not due to speak until tomorrow, I wish to touch on a measure in the budget which was announced a short time ago, that is, the extension of the help to buy scheme. This has been pivotal in assisting 28,500 individuals and families to build or purchase their first home. It has been an essential measure to assist them in getting their deposit together. Under the Central Bank rules, that is 10% of the price. People my age seeking to get on the property ladder for the first time, tell me that this scheme has been important in enabling them to buy their first home. That is why it is a very positive decision by the Government to extend that scheme in the budget for the coming year.

All Opposition parties want to abolish that scheme, which is absolute madness. What is their solution for those people trying to get their 10% deposit together to get on the ladder? It is all well and good to saying they will build affordable homes, but under the Central Bank rules you still need a 10% deposit to get on the property ladder and purchase that affordable home. I would welcome a debate in this Chamber where every party can lay its cards on the table in regard to what its affordable housing plans are. Under both our schemes, which will commence next year, an equity stake is being taken in the property whereas in other schemes being touted, you will not own the land on which the property is built and you will be restricted on who you can sell the property on to. If I was a first-time buyer, I know which scheme I would prefer.