By Joe Barrett
The Minister for Housing, Local Government and Heritage Darragh O’Brien announced improvements to the Local Authority Home Loan that will result in more people in Laois being eligible to apply for the State-backed mortgage.
The prices of homes eligible for a Local Authority Home Loan and income limits of those eligible to apply for a loan are being increased.
From Wednesday 1 March house price limits for homes in Laois that are eligible for the Local Authority Home Loan will increase from €250,000 to €275,000. Income limits for joint applicants will increase to €85,000 and the income limit for a single applicant in Laois will increase to €70,000.
The Local Authority Home Loan supports creditworthy borrowers who are unable to get finance from commercial banks to buy a home. It can be used for new, second hand or self-build homes. It means those on more moderate incomes are helped by the State to achieve homeownership, a key aim for this Government.
Speaking after the announcement, Minister O’Brien said: “Supporting home ownership is a key objective for this Government and the increase in eligible house prices coupled with the increase in income limits will mean more people in Laois can access the loan. The Fresh Start Principle also applies whereby people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, can also avail of the loan.
Also welcoming the loan increases Minister Pippa Hackett said: “I believe this scheme takes a very fair approach to people who, often through no fault of their own, were falling between two stools previously. I look forward to this revised scheme widening the net and helping more people and families to build lives in Laois.”