Has Gov Home Loan Scheme run out of cash?

Labour Housing Spokesperson Jan O’Sullivan TD, has called on Minister Murphy to clarify immediately if there has been a directive issued to Local Authorities telling them to stop considering applications for the ‘Rebuilding Ireland Home Loan Scheme’ due to funds for the scheme running out.

Deputy O’Sullivan said

“I am calling on the Minister for Housing Eoghan Murphy to make an immediate clarification on this matter. Following the receipt of communications from applicants to Dublin City Council, it appears applicants have been told that funding for the Rebuilding Ireland Home Loan scheme has run out, and as a result applications are not being considered at this time. 

“This process is the last resort of many desperate people and families who are trying to buy their own home. We are talking about people who have been declined any other form of loan for a home and may have gone sale agreed.

“The issuing of any directive from the Department of Housing telling councils to stop considering applications sets off alarm bells for those who are considering the Loan Scheme as their last resort or who have already started their applications.

“The Minister must clarify if councils are no longer accepting applications for the Home Loans Scheme; what does this mean for those who have already begun their applications process; and when will the next stream of funding be secured?

“I am also asking the Minister to clarify if interest rates on these loans will be affected by this lapse in funding and if so will the Minister prevent any changes in such rates?

“The notion that funding for such a necessary scheme would even be allowed lapse, and result in applicants being left in limbo, during what is such a stressful period is alarming.”