Loan Products
Most Home Ownership Program loans are offered to first home buyers who have the capacity to repay a long term loan and are unable to secure all their finance from a bank or other home lending institution. Indigenous Business Australia (IBA) requires some applicants to source a portion of their required loan funding from alternative lending institutions.
Standard loan products
Purchase or construction of homes – A loan to purchase either an established residential property or to buy land and construct a new home. A condition of construction loans is that the house is to be built by a registered licensed builder under a fixed-price contract. If required for affordability purposes, a construction loan may include refinance of the land on which the house is to be constructed.
Purchase of residential land – A loan to assist with the purchase of land on which you will build a house. Construction of a house on that land must be completed within an approved time period.
Split Loan – Where customers borrow some of the loan funds to purchase a home from a commercial lender. The remainder of the loan funds are borrowed from IBA. Read more about:
Special assistance loan products
In special circumstances IBA may consider providing a loan to a non first home buyer. Your local IBA lending officer can provide guidance on whether your particular circumstances can be considered.
For full details of the terms and conditions attached to each of the loan products please Contact Us.