Shared equity scheme will have 'substantially lower' interest rates than UK equivalent

Will be aimed at allowing younger people to purchase their first homes and will have no salary cap

Housing Minister Darragh O'Brien told the Oireachtas housing committee he would be bringing legislation forward in the next two to three weeks to establish the scheme. Picture: Niall Carson/PA Wire

Ireland's shared equity scheme will have "substantially lower" interest rates than a similar scheme in the UK, the housing minister has said.

Darragh O'Brien told the Oireachtas housing committee that he would be bringing legislation forward in the next two to three weeks to establish the scheme, which will see €75m of government funds allocated to allow the Government to offer equity loans of up to 30% on new-build homes under €400,000.