Loan Products

IBA Homes standard home loan products include:

Land Purchase loans

– to purchase a residential block of land. A time period to complete construction of a house applies.

Purchase/construction loans

– to purchase an established residential property or the construction of a house. A construction loan may include the purchase or refinance of land on which the house is to be constructed or a builder “package deal”.

Deposit gap loans

– to assist people who have the servicing capacity to borrow the majority of their loan funds from a main stream lending institution. IBA Homes is keen to assist people who can source most of their funding requirement from another lender with IBA only providing the balance needed to complete the purchase of a home.

Repairs and Maintenance loans

- Loans are available for an amount of up to $15,000 to assist existing IBA borrowers maintain their homes in good order.

Home Improvement loans

- Loans are available to existing IBA borrowers for home improvements costing in excess of $15,000.

Refinance loans

– for the refinance existing home borrowings from a financial institution, where, due to unforseen circumstances, the borrower is unable to maintain the required loan payments and are in danger of losing their home.

Property Settlement loans

– where there is a relationship breakdown and there is a formal agreement for one party to buy the other party’s share in the home.

Full details of the terms and conditions attaching to each of the above loan products can be obtained by contacting a local IBA Homes office.

Other loans:

Home Ownership on Indigenous Land (HOIL)

IBA Homes is working closely with the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) and at the State, Territory and Community level implementing recent government initiatives to improve Indigenous home ownership participation rates. Supported loans will be offered under the Home Ownership on Indigenous Land program to eligible individuals and families wishing to buy houses built on Indigenous land.

The introduction of HOIL lending depends on the legislative framework for land tenure in each State and Territory. Land tenure reforms have been slower than expected, and IBA continues to work with governments to identify potential implementation sites. The Australian Government has put in place the legislative framework for land tenure in the Northern Territory that should allow private home ownership on community land under township leasing arrangements.

Wadeye

Indigenous Business Australia and FaHCSIA have been working with the Northern Territory Government and family groups in the Wadeye region who want to move permanently to selected outstations. A permanent move to outstations will help ease pressure on available housing in Wadeye, reduce clan-related tensions in Wadeye during the wet seasons and improve the lives of the families on the outstations.

IBA has constructed and tenanted 4 homes in Nama (2) and Wudapuli (2) and has been contracted to construct a further 20 homes at these two locations. The new dwellings are expected to be completed and occupied by September 2008.

The families who have rented the first four houses are being provided with support to:

• develop financial budgeting skills through a Money Management project, and
• develop knowledge and understanding of environmental health issues and maintaining and managing a healthy household and environment through a Home Living Skills program; and increase their ability to manage routine maintenance of these buildings.  

For further information contact us.