What is the Local Authority Home Loan Scheme?

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.

The best source of information for this Scheme is on their own website at https://localauthorityhomeloan.ie/ . This covers:

  • What is a Local Authority Home Loan
  • Am I eligible
  • What are my interest rate options
  • How much can I borrow?
  • How do I apply

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