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The Minister for Housing, Local Government and Heritage, Darragh O’Brien, has reminded people that major improvements to the Local Authority Home Loan, which sees more people being able to apply for the State-backed mortgage, have taken effect, from today (1 March 2023).
Prices of homes eligible for a Local Authority Home Loan have been increased nationwide as have the income limits of those eligible to apply for a loan.
Commenting, Minister O’Brien said:
“From today the improvements to the Local Authority Home Loan take effect meaning more people, across all our Local Authorities, will be eligible for a State backed mortgage. Supporting home ownership is a key objective for this government and the increase in house price limits, coupled with the increase in income limits, will result in more people buying their own home.
“Importantly, building on improvements made this time last year, we have again increased the income limit for single applicants so that those earning up to €70,000 can now avail of the State-backed mortgage.
“These changes reflect the reality of today’s housing market. We will continue to keep the Local Authority Home Loan under review to ensure it remains a vital and relevant support for people who want to own their own home.”
Since February 2018 over 3,300 people have got on the property ladder through the Local Authority Home Loan and its predecessor the Rebuilding Ireland Home Loan.
Minister O’Brien, along with Public Expenditure and Reform Minister Pascal Donohoe, have signed the amendment regulations to effect the changes below from today (1 March 2023).
The following changes have taken effect:
Increases to house price limits for all local authorities areas:
Increased income limits for all applicants in each local authority area
More information on the Local Authority Home Loan can be found on the new improved website website, which hosts a calculator for applications to get an estimate of how they can borrow and their monthly repayments, MPI costs, interest rates and a New Information Centre with further details on the loan and a Contact Us page on the Local Authority Home Loan Website
The maximum amounts that can be borrowed will be as follows:
For more information on the number of local authority loans approved and amounts paid, at local authority area level, click on the Loan Activity website.