Minister to seek approval to expand home loan scheme

Minister for Housing Darragh O’Brien will seek Government approval to expand the local authority home loan for first-time buyers.

The loan is currently only available for homes that are habitable and does not cover renovation costs.

The Cabinet is expected to give the green light to a new local authority purchase and renovation loan, which will be available within weeks.

This is an expansion of the local authority home loan scheme and will be open to all homes that are vacant and derelict.

These properties would also be in line to receive refurbishment grants.

The local authority home loan allows people to borrow up to 90% of the market value of a property.

The maximum house prices that qualify for these loans range from €275,000 to €360,000, depending on which county the home is located in.

Sinn Féin’s Spokesperson on Housing Eoin Ó Broin said his party had no objection to the changes set to be announced.

However, Mr Ó Broin questioned its timing during an election week and said it did not solve the underlying problem, which is a shortage of social and affordable homes.