Galway Bay fm newsroom - Galway City Council has agreed to borrow €3.5 million for a loan scheme for first time buyers.
The total allocation will go towards the provision of the 2021 Rebuilding Ireland Home Loan scheme for city residents.
At this week’s Local Authority meeting, councillors agreed unanimously to borrow €3.5 million from Government for the 2021 Rebuilding Ireland Home Loan scheme.
The scheme is only available to first time buyers who have already had two loan applications rejected by commercial lending institutes.
The income of a single applicant must not exceed €50,000 while the combined income of joint applicants must not be over €75,000.
Loans of up to 90% are available on properties up to €320,000 - with the maximum interest rate is set at just under 3%.
Director of Services for Housing Dermot Mahon told the meeting that since the scheme started in 2018, the City Council has financed 35 loan approvals at a total cost of just under €5.2 million.
