The average first-time buyer is now borrowing just over €250,000, according to the latest figures from the Banking and Payments Federation Ireland (BPFI).
Their latest report shows that the average mortgage for a first-time home purchase now stands at €250,137 - up by almost €20,000 over the past year.
It is the second-highest level ever recorded and just €1,700 less than the peak in the first quarter of 2008.
When mover mortgages are included, the average home-loan drawdown is now €263,000.
The BPFI's latest report said there was solid growth in mortgage activity in the first three months of the year, driven mainly by first-time buyers and re-mortgage/switching. For first-time buyers, mortgage drawdowns in the first quarter increased by almost 10% compared to the same period in 2021.
A total of 9,910 new mortgages to the value of €2.5bn were drawn down by borrowers since January 1. This represents an increase of 9% in volume and 17.3% in value compared to the same period in 2021.
Alongside first-time buyers, the average mover purchase mortgage reached a new high of €293,817, some €17,000 higher than a year earlier.
BPFI chief executive Brian Hayes said the continued growth in mortgage activity driven mainly by first-time buyers and those re-mortgaging or switching is evidence of choice and competition in the mortgage market and consumers' ability to use that choice to their advantage.
"One of the standouts from this quarter’s drawdown data is undoubtedly the sharp rise we are seeing in average home purchase mortgage drawdowns," he said.
"These increases very much reflect the trend in average home price increases, which is due to the lack of supply in the market. With nearly 12,100 approvals valued at almost €3.2bn strong in the first quarter, mortgage lenders are still actively supporting the many customers seeking finance for a new home and there is a healthy pipeline for mortgage drawdowns in the coming months."
"It is encouraging to note that in the 12 months to March 2022, there were about 35,000 new-home commencements, which is a good indicator for future supply," he said.
A separate report from the BPFI for March shows a total of 4,576 mortgages approved in the month valued at €1.2bn.
Some 2,420 were for first-time buyers (52.9%) of total volume while mover purchasers accounted for 946 (20.7%).
The number of mortgages approved in March rose by 5.8% year-on-year while the value of mortgage approvals rose by 13.6% year-on-year.
