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Rebuilding Ireland Home loan - sufficient savings

  • 18-10-2021 10:46am
    Registered Users Posts: 4 Elsieee

    Does anyone one know what sufficient savings are on the rebuilding ireland loan ?

    We got refused for insufficient savings even though we had 50k in state savings Prize bonds? So disappointed .

    We've also been paying 700 a month for the last 10 years, does this not account for anything?

    what would an idea of a savings habit be to apply again in 6 months.....?

    The whole reason of this loan was to help people who are at disadvantage, and that rent was also accounted for as savings?

    Could we appeal?

    sorry for all the questions but it's all so frustrating.....


  • Registered Users Posts: 2,046 ✭✭✭ silver2020

    as per the answer in the other thread, it depends on how the 50k came about.

    If it was a lump sum gift, it will not count when they are looking at repayment capacity.

    The €700 is looked at, but they will stress test you based on how many children you have, your salaries, your expenditure and ability to repay comfortably.

    So if the 50k was a lump sum, probably no use appealing.

    Show than that you can save €500+ each month on top of rent and outgoings and reapply in 6 months