The Taoiseach has said the Government will consult with the Central Bank to find finance to continue with the Rebuilding Ireland home loan scheme.

Leo Varadkar was speaking after it emerged the scheme has run out of money for further lending.

Some €200m was set aside to fund the scheme over three years when it was launched in February 2018.

Now, just 13 months later, there is no more money in the pot for further applications.

Mortgage

In the Dáil this evening, Mr Varadkar defended the Government’s record on housing after Fianna Fáil leader Micheál Martin accused him of having no understanding of how difficult it is to get a mortgage.

“They are all going through this charade,” said Deputy Martin. “We must get this note from you; we must get that letter from you, can you go and get that form?”

“That is what is going on in the real world Taoiseach out there.

“While you guys just prance about the place going on about this and that.

“It is just not good enough.”

Rebuilding Ireland

Mr Varadkar said the Government was “doing things in the real world that actually help people to buy their first homes” and said 575 people had already been helped purchasing their first home under the Rebuilding Ireland scheme.

He said a further 1,000 people had been approved and have six months to take up the offer before the loan approval expires.

The Department of Housing said the Rebuilding Ireland Home Loan scheme had proven more successful than anticipated.

It said further funds will need to be borrowed from the Housing Finance Agency to allow it to continue.

It said it is currently in discussions with the Department of Finance to try work out an extension to the scheme.