Home Ownership Program
The Indigenous Business Australia (IBA) Home Ownership Program assists Indigenous Australians to achieve home ownership by providing concessional home loans that feature:
- low deposit requirements
- low interest rates that gradually increase until they reach a rate one per cent below market variable interest rates for owner occupied homes
- standard loan terms of up to 32 years that may be extended to assist loan affordability.
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. Eligible applicants can apply for a loan to purchase an established residential property, to buy land and construct a new home, or to make essential improvements to an existing home.
IBA requires some applicants to source a portion of their required loan funding from alternative lending institutions.
To be considered for a loan you must be at least 18 years of age, and at least one applicant must be of Aboriginal and/or Torres Strait Islander descent.
As the high demand for finance exceeds current available funding, IBA operates a two-step loan application process. When Applying for a Home Loan applicants must first apply for placement on IBA’s Expression of Interest Register.
If your application meets initial eligibility requirements, your name will be added to our Expression of Interest Register. It is not possible to know exactly when you may be invited to apply for a loan, however based on current funding this may extend to more than 12 months.
Are you considering home ownership?
Read Naomi and John Bonson's story about achieving home ownership.
Buying a home is probably 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 help you make an informed choice that suits both your current personal and financial circumstances, and your plans for the future.
IBA encourages 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.