South Dublin County Council (SDCC) is to raise loans to a limit of €15m from the Housing Finance Agency plc to provide government-backed mortgages to first-time buyers as part of the Rebuilding Ireland Home Loan scheme. Elected members in SDCC approved raising the €15 million loan at the monthly council meeting recently. The Council previously sanctioned €10m of this allocation at the 2018 June Council Meeting, bringing the overall total sought by SDCC to €25 million for the scheme.
To date, the Council has approved 113 applications and applications are still being accepted under the scheme. The Rebuilding Ireland Home Loan scheme was launched by the government in February last year to help people buy their first home. The scheme is open to people with an annual income not exceeding €50,000 and couples with a combined income that doesn’t exceed €75,000. Applicants must show that they have received two insufficient finance offers from banks or building societies. They also must have at least 10% of the value of a home in a deposit. For more information see www.sdcc.ie.