The Galway City Council will borrow €3.5 million in 2021 to help with the Rebuilding Ireland Home Loan scheme.
First time buyers aged between 18 and 70 who have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants are eligible for the Rebuilding Ireland Home Loan scheme.
Evidence must be provided of insufficient offers of finance from two banks or building societies in order to secure the Rebuilding Ireland Home Loan.
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The scheme stared in 2018 and Galway City Council director of services Dermot Mahon said that, last year, City Hall was allocated funding, and members approved borrowings of €3.09 million.
Non-approvals
"Last year we received 46 loan applications and 16 were approved, 30 weren't approved. There is a whole range of reasons why applicants will not be approved," he said. "Every application that is received is forwarded to the housing agency for underwriting, they do credit checks, and they make a recommendation.
He said every housing loan application is considered by a credit committee which comprises of staff from the housing and finance department. "We have an appeals process in place," he noted. "We are satisfied that those who were received and not approved last year there were valid reasons."
