Taoiseach suggests 'getting money from parents' for housing deposit

He was responding to questions from Brendan Howlin

Taoiseach suggests 'getting money from parents' for housing deposit

Taoiseach Leo Varadkar speaking in the Dáil | Image: Oireachtas screenshot

The Taoiseach Leo Varadkar has said that getting money from parents is one way to help people looking to gather a housing deposit.

Responding to questions from the Labour Party leader Brendan Howlin in the Dáil on Tuesday, Mr Varadkar said "lots of us did".

Mr Howlin was speaking about people faced with the "hopeless task" of gathering significant deposits, referring to the Government's new mortgage scheme for first-time buyers.

"For those who the new council loan scheme is aimed at, they will have to find somewhere between 15,000 and 30,000 euros as a deposit.

"How are the people, the very people who are being refused mortgages by banks and building societies - how are they supposed to be able to afford to pay exorbitant rent and at the same time save 20,000 or 25,000 as a deposit?

"That's a hopeless task to put to them".

Mr Varadkar suggested getting money from parents as one way to get a deposit together.

"It's always been the case that to buy a house you need to raise a deposit. People do it in many different ways," he said.

"Sometimes people go abroad for a period and they get money, they get money from their parents as lots of us did.

"They get money through other loans, sometimes (they) may stay at home for a period and raise a deposit in that way.

"But it's always been the case that in order to buy your own home that you have to be able to raise a deposit.

"With the exception of one period: during the boom when we had 100% loans - and I wouldn't like us to get back to 100% loans because we know where that led us."

Fianna Fáil's housing spokesperson Barry Cowen was quick to accuse the Taoiseach of "putting his posh-boy credentials on display" - but these people in Dublin have mixed views on the comments: