James O'Connor
Ceist:9. Deputy James O'Connor asked the Minister for Housing, Local Government and Heritage his plans for the expansion of the local authority home loan; and if he will make a statement on the matter. [12856/25]
Amharc ar fhreagraThursday, 20 March 2025
Ceisteanna (9)
Freagraí scríofa
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. It is a successor loan to the Rebuilding Ireland Home Loan. The loan can be used both for new and second-hand properties, or to self-build.
The Programme for Government 2025 commits to several measures regarding the Local Authority Home Loan. These include:-
• Creating a new central national administration point for the scheme;
• Ensuring the maximum loan values align with current house prices, thus keeping the scheme accessible;
• Examination of the expansion of the Local Authority Home Loan to allow a separated or divorced person to buy the full mortgage on a home; and
• Examination of how the Local Authority Home Loan could support non-bank lender mortgage holders.
My officials have commenced work on reviewing the maximum income and property price limits to ensure the scheme remains accessible and relevant for aspiring homeowners. This review should be completed by the end of Q2 2025. They are also developing proposals on improving the administration of the scheme.
A examination of the expansion of Local Authority Home Loan eligibility to include the other objectives set out in the Programme for Government to expand the Home Loan will commence in due course.
Questions Nos. 10 to 13, inclusive, answered orally.