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Rebuilding Ireland Home Loan Scheme

As part of our ‘Incentives and Schemes for Homeowners’ we will be sharing some information on what is available from the Government over the coming weeks. Starting with the Rebuilding Ireland Home Loan Scheme, here are some bits of information every prospective buyer should know. 

What is it? 

A Rebuilding Ireland Home Loan is a fairly new Government backed mortgage for first time buyers. It has been available, nationwide from all local authorities since the 1st February 2018 and in this time it has been met with a good response.. First time buyers are invited to apply for the Rebuilding Ireland Home Loan to purchase either a new or second hand property as well as having the choice to build their own home. The home loan is a normal capital and interest bearing mortgage which is, as expected repaid via direct debit on a monthly basis. It has replaced the Home Choice Loan and local authority mortgages that were traditionally used prior to this new scheme. It will not be suitable for everyone as it has some terms and conditions but it is something worth looking into if you have been declined a mortgage by (at least) two banks or building societies. 

What’s the T&C’s? 

Like anything, there are lots of terms and conditions as well as a lot of paperwork but it is worth it to investigate if you are eligible for the scheme. As advised on the Rebuilding Ireland website, prospective buyers can borrow up to 90% of the market value of the property they choose. Borrowers can also avail of reduced interest rates, higher loan amounts (i.e. greater than the standard 3.5 times yearly salary). One main factor is that the maximum market value of each property is capped at €320,000 in counties, Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow; with the rest of the country capped at €250,000. This limits the amount that can be borrowed to no more than €288,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000 in the rest of the country. For more information there is a home loan calculator here. 

A Rebuilding Ireland Home Loan offers three rate products:

  • 2% fixed for up to 25 years (APR 2.02%)*
  • 2.25% fixed for up to 30 years (APR 2.27%)*
  • 2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)*

* Rates are subject to change. Mortgage rates are set on the date of drawdown of the loan.

It is advised that prospective buyers consider their options when choosing the rates and seek professional and independent advice to decide on the best route for them.  

To be eligible for a Rebuilding Ireland Home Loan you must be:

  • A first time buyer
  • Aged between 18 and 70 years old
  • In continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner
  • Earning an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
  • Able to submit two years certified accounts if you’re self-employed
  • Able to provide evidence of insufficient offers of finance from two banks or building societies
  • Not be a current or previous owner of residential property in or outside the Republic of Ireland
  • Occupying the property as your normal place of residence
  • Purchasing or self-building a property situated in the Republic of Ireland of no more than 175 sq. m. (gross internal floor area)
  • Purchasing or self-building a property which does not exceed the maximum market value applicable for the county in which it is located
  • Able to consent to an Irish Credit Bureau check as requested

To find out if you are suitable for the Rebuilding Home Loan find out more here.

For your FREE, no obligation, valuation in the South Wicklow and North Wexford area, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.  Alternatively, email me directly on or telephone: +353 53 94 21718

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