O’Shea Welcomes Increased Home Loan Limits for Cork Buyers Under Revised Local Authority Scheme

Cork North West Fine Gael TD John Paul O’Shea has welcomed the upcoming changes to the Local Authority Home Loan and the Local Authority Purchase and Renovation Loan, describing the increased limits for both Cork County Council and Cork City Council as “a significant and timely boost for prospective homeowners across Cork.”

The changes, which are due to come into effect in Q2 2026, will see the maximum house price limit in Cork City and Cork County rise from €330,000 to €375,000.

Deputy O’Shea said this increase better reflects current market conditions and will help more individuals and families access affordable home ownership. “Rising property prices have made it increasingly difficult for many hardworking people in Cork to get a foot on the property ladder. This increase to €375,000 for both Cork County Council and Cork City Council is a very welcome and practical step that will open up the scheme to more eligible applicants.”

The Local Authority Home Loan continues to offer competitive fixed interest rates of 4.00% over 25 years and 4.05% over 30 years, providing certainty and stability for borrowers. In addition, the income limit for single applicants has increased from €70,000 to €80,000, further expanding access to the scheme.

Deputy O’Shea also highlighted the importance of the Local Authority Purchase and Renovation Loan, which supports the refurbishment of vacant and derelict properties.

“This is a particularly important initiative for rural towns and villages across Cork. By combining the home loan with the Vacant Property Refurbishment Grant through a bridging loan, we can bring more empty homes back into use and revitalise communities,” he said.

The bridging loan, available at a competitive rate of 3.50%, allows applicants to cover upfront refurbishment costs until the grant is paid, making renovation projects more financially viable.

Deputy O’Shea concluded by encouraging anyone considering applying to explore the scheme and contact their local authority for further guidance. “These changes are about giving people a fair chance to own their own home and to invest in their communities. I would strongly encourage anyone who may now qualify under the new limits to engage with Cork County Council or Cork City Council and take that first step toward home ownership.”