Home Ownership
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 (HOP) provides concessional home 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 HOP 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 HOP is a self financing program. 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 approximately12 months.
Home Ownership on Indigenous Land Program
IBA’s Home Ownership on Indigenous Land (HOIL) Program provides concessional home 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.
Availability of the HOIL Program within an Aboriginal or Torres Strait Island community requires the mutual agreement of the Trustees of the land, community members, IBA and the Department of Families and Housing, Community Services and Indigenous Affairs (FaHCSIA). 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 13,700 Indigenous individuals and families into home ownership. We invite you to find out more about:
- the Home Ownership Program (HOP)
- the Home Ownership on Indigenous Land (HOIL) Program
- Getting Ready for Home Ownership
- the Additional Costs of Buying a Home
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