Buying a Home on Communal Land
In the past, home purchase choices for individuals living on community titled land have been restricted by:
- underlying community land tenure arrangements
- the high cost of construction in remote areas
- the absence of commercial lending and financial services
- low incomes
- a lack of education about home ownership.
Through the Indigenous Home Ownership program, Indigenous Business Australia (IBA) aims to make home ownership a realistic choice for eligible customers living on community titled land where the necessary land tenure and administration arrangements are in place.
To be eligible for assistance under the program, your community must first have been assessed and accepted by IBA as a location in which the program is to be available.
What assistance is available?
In addition to the IBA Housing Loans provided under the program, IBA can also coordinate additional assistance for individuals wishing to buy an existing home, renovate an existing home or construct a new home on community titled land.
The level of assistance will depend on individual circumstances and location of eligible customers, but may include:
- assistance with loan establishment costs (legal advice, surveys, conveyancing costs, insurance, stamp duties, property valuations)
- loan co-payment assistance during the first ten years for eligible borrowers.
Further financial assistance from the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) may include:
- up to 20% of the purchase price ($50,000 limit) as a grant to assist borrowers who have a good rental history
- matched savings grant ($1,000 limit)
- money management education.
Once your community has been accepted as a location in which the Indigenous Home Ownership program is to be made available – and you are able to obtain a long term residential lease – individual loan requests can be considered.
IBA housing loan staff will discuss with you the assistance available and required next steps but will generally ask you to follow IBA’s two-step process for Applying for a Housing Loan.
If you are living on communal land and would like to discuss your eligibility for the Indigenous Home Ownership program, please phone our staff on Freecall 1800 107 107* (and select option 1 when prompted).
For further information
Home ownership is perhaps the most important and expensive purchase you will ever make. Reading more about Getting Ready for Home Ownership and the Additional Costs of Buying a Home can assist you to make an informed choice that suits both your current personal and financial circumstances, and your plans for the future
We invite you to then find out more about:
Our friendly and experienced staff are here to help, so if you need any further advice, assistance or information please Contact Us.
(*Calls to 1800 numbers from your home phone are free. Calls from public and mobile phones may be timed and charged at a higher rate.)