Home Ownership
The Australian Government has announced as part of the 2012 Federal Budget, that the Home Ownership Program (HOP), and the Home Ownership on Indigenous Land (HOIL) Program, will be integrated into a single Indigenous Home Ownership program (IHO) on 1 July 2012. This will make the best use of available funding to help meet home ownership demand across Australia, and over 4 years, will assist up to an additional 545 Indigenous Australians to buy their own home.
IBA welcomes the Government’s announcement. The decision to integrate the two programs will enhance IBA’s capacity to cut housing loan waiting periods and meet the home ownership goals of an increased number of Indigenous Australians wishing to purchase or build a home of their own either in an established or emerging home ownership market on Indigenous land.
IBA will continue to prioritise access for people seeking to move into home ownership on Indigenous land as they become ready and the necessary land tenure and land administration arrangements are progressed by the relevant State and Northern Territory governments.
Further details of the Budget announcement can be obtained on the Australian Government Budget 2012-13 website (external website, new window) or by contacting the nearest IBA Homes Service Delivery Unit.
Many Indigenous Australians share the dream of owning a home where they can:
- create a secure and stable environment to raise and nurture their families
- avoid the uncertainties of renting
- create a source of financial security and independence for current and future generations.
Indigenous Business Australia (IBA) aims to contribute to closing the gap between Indigenous and non-Indigenous home ownerships rates, and make buying a home a realistic choice for Aboriginal and Torres Strait Islander individuals and families.
IBA provides flexible, concessional housing finance and after-care support through two programs.
Home Ownership Program
IBA’s Home Ownership Program provides concessional housing loans to eligible Indigenous Australians who wish to purchase an established residential property, purchase land and construct a new home, or make essential improvements to an existing home.
Most loans are offered to first home buyers who have the capacity to repay a long term loan and are unable to secure finance from a bank or other home lending institution. IBA requires some applicants to source a portion of their required loan funding from alternative lending institutions.
The Home Ownership Program is self financing. New lending is funded from loan repayments and the early payout of existing loans. Hence eligible applicants may need to wait some time for their application to be approved. Currently the typical waiting time is approximately six months.
The following 6 minute DVD, An Introduction to Home Ownership explains the Home Ownership Program and how to begin the process of applying for a housing loan with IBA. Alternatively you can read a transcript of this DVD as a PDF (157KB, new window) or as plain text.
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Home Ownership on Indigenous Land Program
IBA’s Home Ownership on Indigenous Land (HOIL) Program provides concessional housing loans and support to assist eligible Indigenous individuals and families to buy an existing home, construct a new home or renovate an existing home on community titled land.
To be eligible to apply for HOIL assistance, your community must first have been assessed and accepted as a location in which the HOIL Program is to be available.
Are you considering home ownership?
IBA has assisted more than 14,000 Indigenous individuals and families into home ownership. We invite you to find out more about: