Budget 2017 - First Time Buyers Income Tax Refund


#21

That’s the one. Thanks. It never gets old… and could be applied to almost every RTE ‘debate’ about anything.

Couldn’t recall if it was “Last Week Tonight” or when he was still on “The Daily Show”.


#22

In the course of my job I meet a lot of different people from different backgrounds.

Yesterday I had a good chat with a self described developer. It’s a family business. They are currently selling a new estate in Dublin.

I jovially asked “so since the budget have you put your prices up by €20,000?”

They replied: “no, we put them all up €20-40,000 a few days before the budget”

Who could have predicted that unintended consequence? :unamused:


#23

Unintended?


#24

It’s no less obvious or meritorious an idea than it was any time in the last few years; I don’t see why it should gain traction now when it hasn’t previously, particularly now that “the centre is holding”.

I heard Noonan on the radio post-budget claiming AGAIN that supply would respond to rising prices because economics. He also described prices as “middling” or some such, and claimed that only poor people had problems finding a house they could afford to buy.

I’ve finally switched my view of Noonan from evil genius to village idiot.


#25

ah da “economics” …bit like the da “fundamentals” or da" soft landing" …leprechaun economics indeed.


#26

Indeed Coveney has openly said he wants developers to make more money


#27

So does any other than the shower in government think this was a good idea?! Even the dogs in the street can see them for the charlatans that they are. Time to change the people in charge. Everyone I speak to have had enough of the perpetual bullshit.


#28

Coveney has been savaged by Colm McCarthy and the audience on the Claire Byrne Show. Dermot Bannon also on the panel and completely pointless.

Coveney really out of his depth with this one.


#29

Coveney said that only those borrowing 80% plus of the price of the house would be eligible for the grant.

Saving and not getting yourself into unsustainable debt is really for idiots in this kip of a country.


#30

m.independent.ie/irish-news/gove … 44774.html

80% LTV, now apparently 70% LTV… shur’ whatever you are having yourself…

This country is going straight to hell.

Absolutely nobody was lobbying for 70% LTVers to qualify… so i wonder who got the lobbying in?
:sick:


#31

The Central Bank apparently


#32

Using it as a chance to bump more people’s LTV down in order to provide a greater cushion for a future crash?

Also, unless I’m not understanding it correctly: why wouldn’t anyone who had means to use a better LTV… just slide it to 80%. Then after qualifying for the rebate - just lop the extra 10/15 in savings straight off the mortgage?


#33

Details are still sketcy but, if it is like above (must borrow 80% and govt make up another 10%), that rewards savers for one. Secondly, it could reduce house prices as people stop reaching beyond their means, save for what they can actually afford while getting the bonus of a reduced mortgage and builders stop pulling the “ladder up” after them.

So difficult to tell without full details though.


#34

Sounds like cap reduce from 600k, possibly to 400k also. Delighted to see the Central Bank standing up to this.

irishtimes.com/news/politics … -1.2835860


#35

I may have misread some of articles.

Rte news take:
, there were concerns raised by the Central Bank that buyers with larger deposits would feel under pressure to increase their mortgages to 80% to avail of the grant.

That is expected to prompt the Government to change the loan to value restriction to 70% instead of the earlier 80%.

The development follows contact from Central Bank Governor Philip Lane.

He had been in discussions with the Department of Finance on the issue and followed up with a formal letter this week.

The bank’s research found that the average loan to value for first time buyers was 78.7%.


#36

Over what period I wonder? If it pre-dates the CB rules then that would somewhat dispel the myth that FTBs need the 90%+ mortgages that VIs are pushing for. Actually, in fairness I haven’t heard much whining lately about the CB rules…


#37

Another development with 16k lobbed on after the budget

daft.ie/meath/houses-for-sal … h-1170359/


#38

So they reduce it to 70% say for a house value of max 400k.
A couple manage to save 120k and need to borrow 70%, 380k. The Taxpayer then gives them 20k when the deal is done.

Should the taxpayer be giving 20k to people who are capable of saving 120k in the first place.

‘Help to build scheme’ is what this should be called


#39

If any FTB is getting 5% (20k), all FTBs should get it - we shouldn’t discriminate against people for being prudent, financially literate and for having made the choice to not mortgage themselves to the hilt! The question is whether we should be giving any FTBs 20k and the answer (for me anyway) is absolutely not. None of them should be helped, as at least then the underlying issues with the property market might be eventually dealt with. What this 5% rebate does is ensure that would-be FTBs do not have to save as long to clamber onto the ladder (especially for lower value properties, where the required deposit under the CB rules is lower than 20%). The only good that can come from this is increased supply, but that isn’t a given either. The whole thing is just a mess really.


#40

Listening to RTE 2FM by accident and the entire show seems to be about giving away €20k as a deposit towards ‘buying a home’. Sponsored by Ulster Bank as part of their mortgage drive. Text ‘home’ to 51552. Dont text ‘debt trap’ for the obvious reasons.

Is this public service broadcasting?

What’s the message? A rented property can never be ‘home’.