Proposals May Help Low Income Home Buyers

Home buyers on low incomes could soon receive help from the Government for their house-hunting.

The Environment Minister John Gormley has been given the go-ahead to draw up an expanded system of local authority loans for home buyers in the lower tax brackets.

Mr Gormley is reported to have briefed ministerial colleagues explaining the maximum loan approval of just €185,000 was not realistic for prospective home buyers. It is thought the maximum loan approval will be increased to €300,000.

The move is hoped to spark an increase in house sales and re-kindling of the construction market.

A Government spokesman said the detail of the proposed boost for lower-rung buyers could possibly be announced before the Budget, but added that the specifics of the scheme had not yet been produced or approved.

The Fianna Fail government is presently engaged in a 'think-in' with the reinvigoration of the economy at the top of the agenda.


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