Urgent decision needed on Home Loan Scheme

Labour candidate Declan Meenagh has called on the Fine Gael Minister for Housing to urgently act to increase the amount available to the Home Loan Scheme instead of offering excuses and delays.

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Local representative Declan Meenagh said:

“The Labour Party revealed that the Home Loan Scheme has run out of money for new applications, but nearly a fortnight on we still have no news on when additional resources will be allocated. The Government say they are in talks with themselves, and that an internal review is underway. That is a poor excuse for their lack of action.

“For people in Dublin who hope to buy their own home, but have been turned down by two banks this leaves them with no other options. Telling them that talks are underway between two Ministers is no solution.

“Due to huge demand, approvals for loans are being halted, as over 1,500 loans have already been issued. Some Councils are still accepting applications, but it’s not clear if further loans are being approved.

“The Government appear to have their head in the sand, saying the money hasn’t run out, but local authorities either can or cannot approve new loans. If they can’t then it’s clear the money is gone, and another €200 million should be approved by the Minister.

“This scheme is aimed at low income families who've been refused by two banks. Their earnings cannot exceed €50,000 for a single person or €75,000 for a couple. They may already have gone sale agreed, and are trying to buy a secure home.

“It’s time the Fine Gael Government and their supporters in Fianna Fáil took action and approved a further €200m of finance for this scheme so that those hoping to buy their first home can get out there and do so. Spring is the traditional time for families to go looking to buy but unfortunately for hundreds of people that isn’t an option this year.

ENDS

Contact Declan Meenagh on 0876806199