Formerly the Rebuilding Ireland Home Loan, the programme was revamped in January 2022 and changed to the Local Authority Home Loan Scheme.
It consists of a mortgage that is backed by the government at a reduced interest rate and can be used to obtain up to 90% funding of the market value of properties.
This help to buy housing scheme is only for first-time buyers and can be used in conjunction with the Help to Buy Scheme. However, the Local Authority Home Loan Scheme can be used for both new and second-hand properties.
As with the Affordable Housing Scheme, there are exceptions to the definition of first-time home buyers for individuals who are divorced and have no stake in the previous property. Individuals who have had to file for bankruptcy are also eligible for this scheme.