Eamon Scanlon (Sligo-Leitrim, Fianna Fail)
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162. To ask the Minister for Housing, Planning, and Local Government if his attention has been drawn to the situation faced by many persons who are ineligible for social housing or HAP and renting privately and saving to apply to the Rebuilding Ireland home loan scheme; and if he will make a statement on the matter. [22921/19]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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The Rebuilding Ireland Home Loan is designed to enable credit worthy first-time buyers, who are unable to access a mortgage from a commercial lender to obtain sustainable mortgage lending to purchase a new or second-hand property. 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.

To support prudential lending and consistency of treatment for borrowers, a Loan to Value ratio of 90% applies to the Rebuilding Ireland Home Loan as per the Central Bank's prudential lending guidelines. Therefore, in order to avail of the loan, applicants must have a deposit equivalent to 10% of the market value of the property.

Applicants must provide bank or similar statements (such as post office, credit union, etc.) for a 12-month period immediately prior to making an application, clearly showing a credible and consistent track record of savings. The cash savings should be no less than 3% of the market value of the property. Gifts are permissible up to 7% of the market value of the property, where their source is verified.

Exceptions to the above can be made where an applicant/applicants can clearly demonstrate a consistent and credible record of savings or rent payment through their bank account which at a minimum is equal to:

- In the case of a fixed rate loan, the proposed monthly loan repayment or

- In the case of a variable rate loan, the proposed stress tested monthly loan repayment.

Given the need to administer the loan in a financially prudent manner, in order to protect the financial position of both the borrower and local authorities, I have no plans to reduce these deposit requirements.

For prospective purchasers of newly-built properties, the availability, through the Revenue Commissioners, of the Help to Buy Initiative for first-time buyers may provide additional assistance to help prospective applicants for the Rebuilding Ireland Home Loan secure the required level of deposit.

Further information in relation to Help to Buy is available on the website of the Revenue Commissioners at the following web link: .

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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163. To ask the Minister for Housing, Planning, and Local Government when further funds will be released to Dún Laoghaire-Rathdown County Council to facilitate the Rebuilding Ireland home loan scheme; and if he will make a statement on the matter. [22925/19]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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When the Rebuilding Ireland Home Loan was initially being developed, it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. From the data collated on the scheme to date, the RIHL has proven to be more successful than initially anticipated, as a result of which, the scheme would require a further tranche of funds to be borrowed by the HFA in order to enable its continuation.

My Department is currently in discussions with the Departments of Public Expenditure and Reform and Finance with regard to the amount of a second tranche, which I anticipate, will be finalised soon. When these discussions are concluded I will be in a position to make an announcement on the matter. However, the scheme remains open and all local authorities have been advised to continue to receive and process applications up to and including the issuing of loans. An announcement on the amount of additional funding to be provided is not inhibiting the running of the scheme in any way.