Dáil Éireann Debate, Tuesday - 22 October 2024
465. Deputy Bernard J. Durkan asked the Minister for Housing, Local Government and Heritage the average time taken to process Rebuilding Ireland-local authority loans by each local authority in each of the past six years to date; and if he will make a statement on the matter. [43263/24]
Amharc ar fhreagra471. Deputy Bernard J. Durkan asked the Minister for Housing, Local Government and Heritage the number of Rebuilding Ireland loans approved and drawn down in the past two years; and if he will make a statement on the matter. [43270/24]
Amharc ar fhreagraI propose to take Questions Nos. 465 and 471 together.
The Local Authority Home Loan is a Government-backed mortgage for creditworthy applicants who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022 for first-time buyers and fresh start applicants. The loan can be used both for new and second-hand properties, or to self-build. It is the successor to the Rebuilding Ireland Home Loan which commenced on 1 February 2018. New applications for the Rebuilding Ireland Home Loan closed in January 2022 with the introduction of the Local Authority Home Loan.
My Department does not collect data on the average time taken by local authorities to process Local Authority Home Loan applications.
My Department regularly publishes information on the number and value of (i) local authority loan approvals and (ii) local authority loan drawdowns. Local authority approval means that an official letter of offer has been sent to a borrower (and therefore relates to a specific property and loan amount). Information on drawdowns, approvals, average drawdowns, and average approvals for the Rebuilding Ireland Home Loan is available at the following link: gov.ie/en/collection/42d2f-local-authority-loan-activity/#local-authority-loans-approvedpaid
