Property groups call for extension of mortgage interest relief

davet82

PROPERTY market groups are calling for extra supports, including extending the mortgage interest relief scheme for buyers, to help restart the housing market, ahead of December's Budget.

The lobby group also recommended in its pre-budget submission that anyone buying a newly built home should get a 10-year holiday from the property tax.

http://www.independent.ie/business/personal-finance/property-mortgages/property-groups-call-for-extension-of-mortgage-interest-relief-3277612.html


Interesting, I wonder if this will go ahead.

Theboinkmaster

davet82 wrote: »

http://www.independent.ie/business/personal-finance/property-mortgages/property-groups-call-for-extension-of-mortgage-interest-relief-3277612.html


Interesting, I wonder if this will go ahead.

Just another vested interest lobbying the government ahead of the budget, sure there's hundreds of them. Won't change anything.

Nothing to see here :P

doolox

The interest paid on property loans has been reduced to 75% of the total amount paid and looks like being reduced further. I do no know the exact situation for owner occupiers but I think it is capped at €1000 or so per annum and is also likely to be reduced.

All these allowances do is to increase the price of houses artificially and rule out low paid people from buying a house. I doubt the INF/Troika will allow Ireland to do anything too different from international practice, ie more property taxes and less allowances for buying a house.

bombs away

So let me get this straight, after the disaster that was the last property bubble people want to go and start a whole new one

Seriously are some people bloody nuts or what.

dearg lady

doolox wrote: »

The interest paid on property loans has been reduced to 75% of the total amount paid and looks like being reduced further. I do no know the exact situation for owner occupiers but I think it is capped at €1000 or so per annum and is also likely to be reduced.

What?

tim9002

Mortgage interest relief should have been phased out years ago, never mind extending it for another two years. Hope Noonan isn't stupid enough to extend it again.

Idbatterim

Just another vested interest lobbying the government ahead of the budget, sure there's hundreds of them. Won't change anything.

Nothing to see here

and the government arent a vested interest group? they more than anyone would like to see prices rise, and there are a lot of reasons why! owning the biggest private property portfolio in the world is the first one!

Equality

I would be against this.

It is a subsidy for home owners (usually wealthy) as it increases the price of the house.

It is a subsidy for the well paid, as those on low salaries do not earn enough to take advantage of it.

The tax to fund it is paid by all of us, but some of us cannot benefit from it.

I have no problem with paying tax to fund the dole or other social welfare payments, but I do have a problem with paying tax to make wealthy people richer.

dearg lady

Equality wrote: »

It is a subsidy for the well paid, as those on low salaries do not earn enough to take advantage of it.

it's a tax relief given at source, so it doesn't matter how much you earn.

Idbatterim

It is a subsidy for the well paid, as those on low salaries do not earn enough to take advantage of it.

those "well paid" are paying vastly more tax than the low paid, who pay virtually nothing in direct taxes.

hmmm

If the government approves this, we'll know for a fact that we've learned nothing in this country.