CUMA Urges Government to Include Credit Unions in Help to Buy Scheme
CUMA urges the government to include credit unions in the Help to Buy Scheme, which offers first-time buyers a tax refund up to €30,000. CUMA believes this would boost competition, support buyers, and aid housing affordability, calling their exclusion a «missed opportunity».
The Credit Union Managers Association (CUMA) has called on the government to include authorised credit unions in the Help to Buy Scheme. This initiative offers first-time buyers a tax refund of up to €30,000 for a deposit on a newly-built or self-built home costing €500,000 or less. Participants must live in the property for at least five years.
Currently, only qualifying lenders, primarily pillar banks, facilitate mortgages for the scheme. CUMA argues that including credit unions would increase competition in the mortgage market, support first-time buyers, and align with government goals for housing affordability and financial inclusion. Lisa Stapleton, CUMA chief executive, told the Joint Oireachtas Committee on Finance that excluding credit unions is a «missed opportunity» amid Ireland’s housing crisis. Credit unions serve over three million people and are expanding their services.