The change comes in to effect today.
Interest rates have been cut for new Kildare County Council mortgage holders.
The change, mandated by the Department of Housing, Local Government and Heritage, comes in to being today.
The cut, of 0.25%, will apply to all new Local Authority mortgages.
This interest rate reduction applies to new borrowing under the existing Rebuilding Ireland Home Loan.
NEW: Local Authority mortgage rates 🔽 0.25% for new borrowers https://t.co/4ZqnwDcd49#HousingforAll is about helping as many people as possible to own their own home. This is a small but important step in the right direction.— Department of Housing, Local Government & Heritage (@DeptHousingIRL) September 10, 2021
Info on LA mortgages 👉 https://t.co/j0SSb0NxPC pic.twitter.com/82TCbRrxCk
The following will apply to any new RIHL loans issued by local authorities on or after 10th September 2021:
- for loans with terms of up to 25 years a fixed interest rate of 2.495% shall apply;
- for loans with terms of over 25 years to 30 years a fixed interest rate of 2.745% shall apply.
The Mortgage Protection Insurance premium (MPI) is 0.555%, bringing the all-in cost of the home loan product to:
* 3.05% for loans with terms of up to 25 years,
* 3.3% for loans with loans over 25 years and up to 30 years.