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New housing scheme will benefit first-time buyers

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By Ted Healy of DNG TED HEALY

This week Housing Minister Darragh O'Brien announced a new landmark affordable housing scheme which will benefit thousands of middle income home buyers.

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The First Home Shared Equity Scheme, set to be rolled out from early July with €400m funding from the Government, is designed to bridge the gap for those whose income is too low to get them a big enough mortgage to buy their first home.

The three main banks have signed up to the scheme which will see the State providing an interest-free stake of up to 30 percent in the home.

It is expected to cover the purchase of eight thousand new homes over the next four years.

Under the scheme, the purchase of new-build homes is to be jointly funded by the State and participating mortgage lenders.

AIB, Bank of Ireland and Permanent TSB are on board with the scheme, and other lenders are expected to sign up.

The flagship First Homes Scheme in the Government’s 'Housing For All' strategy, will have no income limits for those who apply for it.

However, there are limits on the value of properties that will qualify for the scheme in each local authority area. The limits will be based on the median value for a new home in the area.

The new scheme is set to be welcomed by those who are earning too much to qualify for social housing, but too little to qualify for a mortgage in a property market where values are back close to Celtic Tiger peaks.
It will help bridge the gap between the finance they have and the finance they need to purchase their first home. It will make a difference quickly.

As an example, a couple with an income of €70,000, who want to buy a €320,000 new home, will put up a 10 percent deposit, the most they can borrow is €277,000. This leaves a gap of €43,000.

First Home would provide this amount as equity, with no interest for the first five years.
This couple could also benefit from the State’s Help-To-Buy scheme, which usually provides tax relief of up to 20 percent of the property’s value.

The scheme will apply to first-time buyers, but also to divorced people and those who have been made bankrupt.

Further details of the scheme are available on www.gov.ie.

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Coolick National School to launch online lotto

A popular primary school in the Killarney area is launching a new fundraising initiative this week to support and improve the education experience of the children it serves. The Coolick […]

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A popular primary school in the Killarney area is launching a new fundraising initiative this week to support and improve the education experience of the children it serves.

The Coolick National School Lotto is now live; offering a weekly prize, a weekly jackpot and a range of valuable spot prizes at launch.

Coolick NS first opened its doors in 1870 making it one of the county’s oldest primary schools. The school and pre-school is home to over 130 children from the locality. This is an increase of 20% over the past 5 years taking enrolment to an all-time high.

Coolick NS School Lotto Chairperson and parent, Pádraig Leane says properly resourcing primary school services is crucial:

“The cost of providing education is rising and the school grants provided by the department, although valuable, only do so much. We want to overcome this challenge with our school lotto. The school has a range of immediate needs but also longer-term goals to expand our facilities, add more sports equipment, wellness programmes, student support programmes and increase extra-curricular trips,” he said.

First on the list is a new set of school jerseys, gymnastics mats, replacement of end-of-lfe iPads and further expansion of their Tír na nÓg play area for the younger pupils.
Coolick National School Principal Gearoid O’Sullivan remains focused on providing the best for the children of Coolick.

“As a school we are committed to providing the best equipment, teaching and learning resources, outdoor spaces and a school interior that helps nurture each child. This school lotto will help us with our commitment to provide the very best for the school and especially for the pupils in our care,” said the principal.

The staff and students of Coolick National School are appealing to families, friends, past pupils, members of the local community, stakeholders and supporters to get behind the weekly school lotto. It is hoped that the option of 1 line for €2.50, 2 lines for €4 or 3 lines for €5 will encourage everybody to contribute. A lotto draw will take place each week with a maximum jackpot of €2,000 to be won.

Signing up is easy; through the school’s website https://www.ourfundraiser.ie/org/coolickns

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Live TV audience date with Daniel O’Donnell at INEC

People of Killarney will have the opportunity to participate in a live television audience with Daniel O’Donnell. TG4 television’s highest rating country music series of concerts is coming to the […]

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People of Killarney will have the opportunity to participate in a live television audience with Daniel O’Donnell.

TG4 television’s highest rating country music series of concerts is coming to the Gleneagle INEC Arena for the first time from June 17 to 19.

Recorded before a live audience over three nights with two concerts per night, Opry le Daniel offers a different music theme each evening and a host of special guests will join the legendary presenter Daniel O’ Donnell on stage to perform all your favourite songs.

The recordings of the show will be split into two one-hour blocks, taking place throughout each evening.

Now in its 14th year, Ireland’s favourite country music artist O’ Donnell will be joined on stage by Declan Nerney, Cliona Hagan, Mike Denver, Chrissy Mac, Dana and the Donegal balladeers ‘Onóir’ to mention but a few.

Tickets from €30.20 are available from www.inec.ie and the Gleneagle INEC Arena box office on 064 6671555.

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