Fine Gael in Government will help families and individuals buy or build a new home using a rebate of their tax payments to secure a deposit, Cork North West Fine Gael General Election candidate Councillor John Paul O’Shea has said.
Cllr. O’Shea said: “We will increase the tax rebate available under the Help to Buy scheme to a maximum of €30,000 or 10% of the cost of buying or building a new home if returned to Government. We know that many people renting struggle to save. Fine Gael’s plan will give first time buyers the deposit needed, unlike Fianna Fáil’s SSIA savings scheme which is capped at 25,000, which will not pay out for three years – and which assumes aspiring homeowners are able to save,” Cllr. O’Shea added.
“Work started on 2,219 new homes between January and September 2019, a significant increase over the same period of 2018. For many new homes coming onto the market, Help to Buy will cover the deposit needed.
“Rebuilding Ireland is working and increasing the supply of new, affordable homes in Cork North West. I would urge aspiring homeowners to utilise the Help to Buy scheme. Families or individuals unable to secure a mortgage from the main banks should also contact their local authority to see if they can avail of the Rebuilding Ireland Home Loan, which is aimed at credit-worthy borrowers with incomes of no higher than €75,000 for couples and €50,000 for individuals.
“Our housing sector was broken by reckless Fianna Fáil when it was last in Government, leaving many families and individuals locked out of home ownership. But through Rebuilding Ireland, Fine Gael in Government has increased supply of new homes for first time buyers, with price increases now moderating and falling in some places.
“But for many people, the aspiration to home ownership does not feel real. That is why Fine Gael in Government introduced the Help to Buy scheme, which has helped 16,000 people buy or build a new home. We are committed to increasing this if returned to Government.”