Robert Troy (Longford-Westmeath, Fianna Fail)
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555. To ask the Minister for Housing, Planning, and Local Government the supports which have been put in place to assist first-time buyers of second-hand properties specifically; and if he will make a statement on the matter. [28880/18]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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The main support that has been put in place by the Government to assist first-time buyers is the Help to Buy Initiative, which is operated by the Revenue Commissioners on behalf of my colleague, the Minister for Finance. As one of the policy aims of this scheme was to incentivise the construction of additional housing units, it is aimed solely at new-build and self-build properties.

For first-time buyers who are having difficulty in accessing finance through a commercial lender, they may be able to qualify for mortgage finance under the Rebuilding Ireland Home Loan. This scheme was launched on 1 February 2018 following a review of the two existing local authority home loan schemes, the House Purchase Loan and the Home Choice Loan.

The new loan enables creditworthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The low rate of fixed interest associated with the Rebuilding Ireland Home Loan provides first-time buyers with access to mortgage finance that they may not otherwise have been able to afford at a higher interest rate.

The Rebuilding Ireland Home Loan is targeted at first-time buyers who wish to own their own home, have access to an adequate deposit and have the capacity to repay a mortgage, but who are unable to access a mortgage sufficient for them to purchase their first home. As with the previous local authority loan offerings, the Rebuilding Ireland Home Loan is available to first-time buyers only. This is to ensure the effective targeting of limited resources.

Full details of the loan’s eligibility criteria and other information is available from the dedicated Rebuilding Ireland Home Loan website .