Cancer survivors are to be granted a legal “right to be forgotten” allowing them to obtain mortgage protection without discrimination based on their past diagnosis.
Under a previous voluntary code, which was not adopted by some insurers, a survivor could access mortgage protection after seven years of remission or five years if individuals were diagnosed when under the age of 18.
However, when the reforms come into effect in October, people who have been free of cancer for five years will not be penalised when applying for a mortgage.
The threshold for mortgage protection cover will also rise from €500,000 to €650,000.
The act also places the consumer protections on a statutory footing for the first time, moving from the existing voluntary nature of the code of practice.
It is intended to provide greater certainty, consistency and protection for cancer survivors seeking mortgage protection insurance.
Tánaiste Simon Harris said the move would mark a “major milestone in delivering statutory protections”.
“People who have come through cancer have continued to face barriers when buying a home, switching a mortgage, or seeking security for their families, even years after their treatment had ended,” he said.
Minister of State with responsibility for financial services, Robert Troy, said the act “cannot undo what some families have been through”.
“However, it can remove an unjust obstacle. It can give people a meaningful chance to plan, to build and to move forward with confidence and optimism.”
The legal change follows a lengthy campaign by advocates and charities, including the Irish Cancer Society, who have long called for the waiting period to access certain financial products to be reduced from seven years to a maximum of five years, in line with medically-recognised remission.