The Minister for Housing Darragh O’Brien yesterday announced significant improvements to the Local Authority Home Loan that will result in more people in Mayo 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. 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 01 March 2023, house price limits for homes in Mayo that are eligible for the Local Authority Home Loan will increase by €25,000 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 Mayo will increase to €70,000.
The Local Authority Home Loan was launched in January 2022 as part of Housing for All. It 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.
Minister O’Brien, along with Public Expenditure Minister Paschal Donohoe, will sign the amendment regulations in the coming weeks. The changes will take effect on 01 March 2023.
More information on the Local Authority Home Loan can be found at: https://localauthorityhomeloan.ie/