Eoghan Murphy (Dublin Bay South, Fine Gael)
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The Housing Agency provides a central support service which assesses loan applications that are made to the local authorities and makes recommendations to the authorities as to whether loans should be offered to applicants.  I have asked the Agency to centrally compile figures on the numbers of applications that it has assessed and recommended for approval. The figures, as at the end of December 2018, indicate that out of the 3,036 applications assessed, the Agency had recommended a total of 1,550 applications for approval since the Rebuilding Ireland home loan scheme launched, as set out in the table below:

The average loan amount requested across the 3,036 applications assessed in 2018 was €160,473 and the average loan amount for all applications recommended for approval was €189,045. The total amount recommended for approval from 1 February 2018, when the scheme began, to end December 2018 was €293 million.

In addition, a further 648 applications were deemed invalid and therefore not assessed.  

Applications are considered invalid for reasons of:

- Not a first-time buyer (ineligible)

- Earning income which exceeds scheme limits (ineligible)

- Not in continuous employment for the minimum period (ineligible)

- No right to remain in Ireland (ineligible)

- All required sections of the application form not completed (incomplete)

- Not providing the supporting documents described in the applicant checklist (incomplete)

Each local authority must have in place a credit committee and it is a matter for the committee to make the decision on applications for loans, in accordance with the regulations, having regard to the recommendations made by the Housing Agency.