Builders propose €85k loan boost for first-time buyers – Independent.ie

A proposed new €200m per annum scheme would see the Government lend an average of €85,000 to first-time buyers to add to their already approved mortgages.

The building industry has provided a detailed submission to Housing Minister Darragh O’Brien for a shared equity scheme that, if adopted, could benefit 2,500 first-time-buyers in its first year, it has claimed.

Under the proposed scheme, first-time buyers would receive a loan from the Government of as much as 30pc of the house price, with the size of the loan available dependent on location and whether the property is a house or an apartment. Buyers could use the long-term State loan to pay for 30pc – or as much as €145,000 – of the purchase price of a Dublin apartment worth up to a maximum of €485,000, according to the submission by the Irish Homebuilders Association (IHBA), an offshoot of the Construction Industry Federation.

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