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Questions remain over operation of Rebuilding Ireland Home Loan- Eoin Ó Broin TD

5 March, 2019 - by Eoin Ó Broin TD

Sinn Féin Housing spokesperson Eoin Ó Broin TD today questioned the government on the operation of the Rebuilding Ireland Home Loan scheme.

Particularly on the media reports that the €200m fund had run out and that only 32% of the loans approved had been drawn down.

Deputy Ó Broin said:

“Of the 1,550 Rebuilding Ireland Home Loans approved to date 68% of those who applied have not been able to draw down the funds.

“They haven’t been able to draw down funds wither because it is taking too long for the underwriting process or particularly in Dublin the loan amount offered, on average €200,000, comes nowhere close to the average house price of €340,000.

“There is about €136m of the €200m fund now just sitting there, as it has been allocated but those who have been offered it cannot use it.

“The Minister for Housing not only needs to make a commitment to extend the funding for the Rebuilding Ireland Home loan, he must also fix the scheme to ensure that when people are offered a loan that it is an appropriate amount and that the underwriting process is sped up to process the applications as quickly as possible.

“Unfortunately the Minister for Housing’s response was disappointing.  He appears to believe that we are living in properly functioning housing market where prospective first time buyers have ample choice in the market.

“The truth is that where demand is highest in the urban areas the loan amounts in no way cover the cost of a new home.

“According to the figures this scheme has done very little to increase access to affordable housing for the many."

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