Fianna Fáil TD for Mayo Lisa Chambers has commented on the reports that the Government’s Home Loan Scheme has run into funding difficulties.
Deputy Chambers said, “The Rebuilding Ireland Home loan scheme was sold as the key evidence of Fine Gael’s commitment to improving home affordability. Once again, it appears that the entire focus of Fine Gael was on generating publicity rather than developing and resourcing an actual policy that would have an impact in the real world.
“I have had a number of young couples in my constituency trying to access the scheme to try and buy a home. Despite the application process they are left waiting indefinitely. People are still applying yet no one was told that the scheme had ran out of funding bar the Minister’s own press office it appears.
“Banks are not easy to deal with and many are finding it hard to meet the strict conditions to secure mortgage approval from a financial lender. For some there are difficulties with traditional lenders. We need local authorities to be in a position to help people.
“Just two weeks ago the Minister referred to the home loan scheme when my Party raised concerns but failed to acknowledge any issues, despite now knowing that at least one Local Authority had flagged funding problems. This raises two possibilities – the Minister deliberately withheld important information, or he is just not on top of his brief.
“The Minister needs to quickly clarify when he discovered that the scheme was running out of funding? When he became aware of this, why did he not inform the Dáil or the Housing Committee? He also needs to quickly clarify why Local Authorities were kept in the dark.
“Those who have submitted a valid application, who are eligible for the scheme and have proceeded on the basis that they would be getting this help need to know what the Minister is planning to do about it and what support they will be getting. The Minister said there would be a second fund. This was more hopes raised then dashed by the Government
“The cost of renting is only increasing and council waiting lists are up to 10 years long. Local authorities as lenders for young buyers works and the Government must increase the funding to the home loan scheme with urgency,” concluded Deputy Chambers.