More people in Waterford will soon be eligible to apply for a mortgage from the council.
The Local Authority Home Loan, which was introduced in January 2022, is for people who want to buy or build a house but can't get a loan from a private lending institution.
Minister for housing Darragh O'Brien has announced increases in the house price limits for all local authority areas today.
The limit in Waterford is increasing from €250,000 to €300,000 from March 1st.
Meanwhile, the income limit for individuals applying will go from €50,000 and €65,000 to €70,000, and the income limit for joint applicants is going from €75,000 to €85,000.
Speaking after the announcement, Minister O’Brien said:
“I am delighted to announce these improvements to the Local Authority Home Loan which will take effect from March 1st. 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 can access the loan.
"Importantly, building on changes made this time last year we are again increasing the income limit for single applicants so that those earning up to €70,000 who wish to purchase a home can avail of the State backed 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.
"The changes reflect the reality of today’s housing market and we will continue to keep the Local Authority Home Loan under review to ensure it remains a genuine 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.
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