The party's Spokesperson on Finance, Michael McGrath, is urging a person's track record of paying rent to be taken into consideration as the hope of owning a home is "incredibly difficult" for aspiring home buyers.
Deputy McGrath said: "In our submission to the Central Bank on the review of mortgage rules, we suggested that the rules be amended to take account of a person's track record of paying rent. By paying rent over a number of years, a mortgage applicant has demonstrated a certain capacity to repay and this should be reflected in the rules governing how a mortgage application is assessed.
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"The payment of rent can be taken into account in a number of ways. Our suggestion, for example, is that the current deposit requirement for first-time buyers be reduced by one third where the potential purchaser has a three-year track record of rental payments equivalent to at least 90% of their prospective mortgage.
"Allied to this, the government's priority has to be on measures that directly boost the supply of new homes in the market."
(CD/LM)
