Frank O'Rourke (Kildare North, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

1996. To ask the Minister for Housing, Planning, and Local Government the amount of new funding for the Rebuilding Ireland home loan scheme that will be made available to Kildare County Council; if the additional funding will be sufficient for both the drawdown of loans on approvals already issued (details supplied) and for the projected loan demand for the remainder of 2019; when Kildare County Council will receive the new funding; and if he will make a statement on the matter. [36470/19]

Eoghan Murphy (Dublin Bay South, Fine Gael)
Link to this: Individually | In context | Oireachtas source

When the Rebuilding Ireland Home Loan (RIHL) scheme was initially being developed, it was estimated that the drawdown of loans would be approximately €200 million over three years. However, the RIHL proved to be more successful than initially anticipated. My officials began engaging with the Department of Public Expenditure and Reform in October 2018 when higher lending and drawdown volumes were beginning to materialise. I informed the Dáil on 29 January 2019 of the scheme’s success and of the need for additional funding and indicated that my Department was in discussions with the Department of Public Expenditure and Reform and the Department of Finance with regard to the allocation for 2019.

Following positive engagement with my colleague, the Minister for Public Expenditure and Reform, my Department wrote to all 31 local authorities on 15 August 2019 sanctioning an additional €363 million in funding for the RIHL. This brings total funding for the RIHL to €563 million for 2018 and 2019 combined.

Kildare County Council’s total RIHL allocation, for the period 1 February 2018 to 31 December 2019, has been increased to some €20.9 million. This overall allocation incorporates loans already issued since the inception of the scheme, loans which will be drawn down on foot of approvals already issued and projected loan demand for the rest of 2019.

Michael Healy-Rae (Kerry, Independent)
Link to this: Individually | In context | Oireachtas source

1997. To ask the Minister for Housing, Planning, and Local Government if the decision on a new requirement for homeowners will be reversed (details supplied); and if he will make a statement on the matter. [36475/19]

Eoghan Murphy (Dublin Bay South, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In relation to the requirement for applicants who are seeking a mortgage to produce a tax clearance certificate, mortgage lending by banks and other Central Bank regulated mortgage lenders is a matter for my colleague, the Minister for Finance.

The Rebuilding Ireland Home Loan (RIHL) is the only mortgage product for which my Department has responsibility. The RIHL, which was introduced from 1 February 2018, enables credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties. The low rate of fixed interest associated with the RIHL provides first time buyers with access to mortgage finance that they may not otherwise have been able to afford at a higher interest rate.

As part of the eligibility criteria for a Rebuilding Ireland Home Loan applicants must:

- be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner;

- have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants; and

- submit two years certified accounts if self-employed.

In terms of self-employed applicants, income details provided by the applicants must be supported by the following:

- Minimum of two years accounts with an Accountant's or Auditor's Report (a qualified report is not acceptable) from a suitably qualified practitioner (ACCA/FCA/CPA/IPA) along with an up to date tax balancing statement for the company/business;

- Minimum of 12 months most recent personal current account bank statements and a minimum of 12 months most recent business current account statements verifying net income, and 12 months most recent statements verifying savings; and

- A Tax Clearance Certificate is required to confirm that a self-employed applicant's tax affairs are in order with the Revenue Commissioners.

Decisions on individual loan applications are a matter for each local authority's Credit Committee.