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15 Aug 2022

Louth Senator welcomes expanded local authority home loan scheme

McGreehan welcomes expanded local authority home loan scheme

Louth Fianna Fáil Senator Erin McGreehan has welcomed the launch of a newly expanded Local Authority Home Loan scheme by her colleague the Minister for Housing, Local Government and Heritage, Darragh O’Brien.

She said the changes announced will make it easier for single applicants in Louth to avail of a state backed mortgage for a new, second-hand or self-build home. 

A ‘Fresh Start’ principle also applies which means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, will be eligible to apply also.

Welcoming the move Senator McGreehan said:

“Supporting home ownership is a key objective for Fianna Fáil.

“In ‘Housing for All,’ our new Plan for housing in Ireland, we committed to introducing a reformed Local Authority Home Loan scheme to further support access to homeownership for creditworthy homebuyers who otherwise find it difficult to access sufficient finance.

“Through these changes the Minister is raising the income ceiling for a single applicant by €15,000 to €65,000 in Louth and the 175 sq. metres limit on the property has also been removed.”

In September the Minister for Housing lowered the interest rate for local authority lending by 0.25% and this lower interest rate will continue to apply to loans issued under the Local Authority Home Loan.

“Ultimately, this Government, through ‘Housing for All,’ is working to put the dream of homeownership back in reach for people in Louth. 

“Today’s announcement is another step in that direction,” Senator McGreehan added.

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