Written answers

Tuesday, 14 July 2020

Department of Housing, Planning, and Local Government

Help-To-Buy Scheme

Photo of Alan KellyAlan Kelly (Tipperary, Labour)
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405. To ask the Minister for Housing, Planning, and Local Government his plans to change the salary cap threshold for first-time buyers of houses that apply for State loans; and if he will make a statement on the matter. [15136/20]

Photo of Darragh O'BrienDarragh O'Brien (Dublin Fingal, Fianna Fail)
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Following a review of the two existing local authority home loan schemes, the House Purchase Loan and the Home Choice Loan, a new loan offering was introduced, from 1 February 2018, known as the Rebuilding Ireland Home Loan. The loan enables credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range.

Single applicants for the loan must not be earning greater than €50,000 gross per annum. The combined income of joint applicants must not be greater than €75,000 per annum. There are no set minimum income limits; however, applicants do need to have sufficient borrowing and repayment capacity and must be capable of repaying the mortgage in accordance with the statutory credit policy underpinning the loan. These income limits are unchanged from the previous local authority loan offerings.

The new Programme for Government " Our Shared Future" contains a commitment to expand the Rebuilding Home Loan.

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