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Know Your Rights: Local Authority home loans

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Question: I want to buy a house, but can’t get a mortgage with the bank. What other options do I have for finance?

Answer: You may be able to get a local authority home loan to buy a home if you’ve been unable to get the funds you need from a bank.

The Local Authority Home Loan is a Government-backed mortgage with reduced interest rates. The interest rates are fixed for the full term of the loan, so you have the same repayments for the lifetime of the loan. You can use the loan for new or second-hand properties, or to build a home.

How do I qualify for the loan?

To get this loan, your income must be below a certain level and you must have been in continuous employment for a set amount of time. You must also meet some other criteria.

You must:

Be a first-time buyer or ‘fresh start’ applicant
Be aged between 18 and 70
Have proof that you haven’t been able to get the mortgage funding you need from two banks or building societies
Have a deposit
Have a satisfactory credit rating
Live in the property once you have bought or built it

What is the maximum market value of a property for this loan?

The home you are buying or building must be below a certain market value (price). The maximum market value of the property depends on where the property is located.

€320,000 in Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow
€250,000 in the rest of the country

You can borrow up to 90% of the market value of the property and you may be able to get the Help to Buy incentive to help with your deposit.

What are the interest rates?

The interest rates are fixed for the full term of the mortgage and are currently:

2.495% for up to 25 years
2.745% for up to 30 years

You apply to your local authority for the Local Authority Home Loan.

Read more about the Local Authority Home Loans on citizensinformation.ie or phone Kerry Citizens Information Service 0818 07 7860 (Monday to Friday, 10am to 4pm), the national phone service on 0818 07 4000 (Monday to Friday, 9am to 8pm), or log on to www.citizensinformation.ie.

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Wine, art and lots of catching up at popular fundraiser

By Michelle Crean Spirits were high and the atmosphere electric at this year’s Wine & Art Night which had a huge attendance on Wednesday night. Over 50 exhibitors gathered in […]

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By Michelle Crean

Spirits were high and the atmosphere electric at this year’s Wine & Art Night which had a huge attendance on Wednesday night.

Over 50 exhibitors gathered in the Great Southern Killarney as the Killarney Rotary Club’s fundraising event – which is one of the biggest in the town each year – was back after a COVID break.

During the afternoon the artists and crafters, many who travelled from all over Kerry, Clare, Cork and even Waterford this year, organised their display for the event. Later that evening there were a lot of familiar faces but also some new people who absolutely loved the evening.

There were many wines available to taste as well as cheese and breads at the event which is run in conjunction with Daly’s SuperValu, Killarney and Killarney Brewing Company.

“There was a huge attendance and everybody was in good spirits to be back to normal,” President of Rotary, Rayla Tadjimatova, said.

“Many of the patrons were buying some art as Christmas presents and the members of Rotary were delighted to be kept busy packing these. A portion of all art sales goes to the fundraiser. One local young man, who is only 16, exhibited his beautiful photographs of local scenic areas. There was an auction of donated works of art and a Kerry Jersey. All one hundred percent of the proceeds from this auction goes to the fundraiser.”

Mike Neeson entertained the crowd on arrival and right until the end of the night.

“Mike is a great supporter of our events and we would like to thank him for keeping everybody entertained.”

The Irish Pilgrimage Trust ran the raffle and they had some wonderful hampers and gifts to be won.

Beneficiaries from this year’s event are: Coolick NS, Gaelscoil Faithleann NS, Knockanes NS, Holy Cross Mercy NS, St Francis Special School, Kerry Stars, Killarney Athletic AFC, and Killarney Cougars Basketball Club.

She thanked everybody for attending and everyone for their help organising the event.

Some, she added, had never been before and said they did not know what exactly the night involved but will definitely be back again next time as it was “so enjoyable”.

“We hope the money raised will help the beneficiaries to proceed with projects,” she said.

“We are delighted for Rotary to be able to help these charities, community groups and schools through our fundraising event.”

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Comedy drama ready for the stage

By Michelle Crean Get out your diary and book in these December dates as Dochas Drama Group is ready to take to the stage. What does a hypochondriac, a grumpy […]

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By Michelle Crean

Get out your diary and book in these December dates as Dochas Drama Group is ready to take to the stage.

What does a hypochondriac, a grumpy father and a confused visitor to the dentist, all have in common? You’ll have to come along to the Killarney Avenue Hotel on Monday, December 12, Tuesday 13 and Wednesday 14 at 8pm to find out.

The popular drama group will present their three new comedies featuring the work of playwrights Brian Bowler, Ger Madden and Mary Quirke.Come along for a night filled with fun and laughter. Just the right beginning to the festive season. Doors open at 7.15pm and tickets are available at the door. All tickets; adults, seniors, students and children are €10. Don’t miss a great night out.

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