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Approvals for Government’s home loan scheme plummet 60%

New figures from the Department of Housing show that approvals for the Rebuilding Ireland home loan scheme fell by 60%, draw downs fell by 50%.

According to the figures, 235 home loans were approved in the first six months of the year at a total value of €38.2 million, with 283 loans drawn down at a value of €47.7 million.

This compares to 574 loans approved in the first six months of 2019 at a total value of €95.7 million, with 556 loans drawn down at a value of €93.9 million.

While applications for the scheme are not detailed in the department’s figures it’s likely that fewer people may have applied for the scheme given the impact of the Covid-19 pandemic on incomes, however, the decrease in approvals in the first quarter of 2020, before the pandemic hit, was significant at 37 per cent.

This suggests that the Government’s decision to increase the cost of the scheme has also hit potential applicants.

Read full article: IrishTimes.com

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