IBA CEO Rajiv Viswanathan has welcomed the stellar start to the financial year made by the Indigenous Home Ownership program.
‘As at 9 October, IBA had already approved $96 million in home loans in just over one quarter, against an annual target of $175 million for the 2017–18 financial year.
‘At these levels of demand, IBA is well placed to exceed its annual target and continue to grow the reach of its home ownership offering.
This performance builds on the result for the 2016–17 financial year, in which IBA wrote 544 home loans valued at $168 million, exceeding our target of 530 loans.
In 2016–17, 92 per cent of loans were provided to first home buyers, 90 per cent were to customers in the lowest income bands and 78 per cent to customers in regional and remote areas. Along with significant growth in demand, these trends have continued into the current financial year.
Mr Viswanathan said the results have been achieved through stronger community engagement, a more streamlined application process, digital enhancements to improve the customer experience and reduced starting interest rates for low income earners to make housing more affordable.
‘Importantly, this has resulted in approximately an additional 1,200 Aboriginal and Torres Strait Islander people being able to enjoy the social and economic benefits of home ownership.
‘This builds on close to 18,000 home ownership outcomes and over $2 billion in wealth created over the life of the program for Aboriginal and Torres Strait Islander peoples through home ownership.
‘IBA has built a very strong pipeline of home loan customers and plans to continue to support substantial numbers of Aboriginal and Torres Strait Islander people into home ownership in coming years,’ Mr Viswanathan concluded.
About IBA’s home ownership offering: IBA assists Indigenous Australians into home ownership by providing home loans at concessional interest rates which have low deposit requirements and flexible repayment terms. By owning their own home, Indigenous families and home owners can obtain a secure, safe place to live and build intergenerational wealth.
Media contact: Daniel Hughes 02 6110 2731 or [email protected]