Applying for an IBA Housing Loan

Interested in applying for an IBA housing loan? First register your interest by completing the online Expression of Interest Form (application opens in a new window). It is important to provide as much accurate information in your Expression of Interest as possible to help us make a true assessment of your circumstances. To calculate your borrowing capacity, visit our Home Loan Calculator (application opens in a new window) or go to IBA Housing Loans to find out more about the loan products, deposit or interest rates. If you would prefer a printed copy of the Expression of Interest Form please contact us.

What happens next?

Read how Lee and Graeme Willis from Alice Springs are achieving their dream of home ownership.

An IBA Home Loan officer will contact you to discuss your circumstances within 14 days of your Expression of Interest being lodged and received by IBA.

If you are eligible and ready to apply for an IBA housing loan, we will add you to the Expression of Interest register. You will be invited to apply for an IBA housing loan as funds become available. Due to strong demand for IBA housing Loans, the average wait time to be invited is between 6 and 9 months.

If we find that you are eligible, but not yet ready to apply for a housing loan, we will work with you to make a 3 to 6-month plan to help you become application ready. We will keep in contact with you throughout this time and re-assess your circumstances at the end of the 3 to 6-month period.

Once you are ready to apply for a housing loan, we will add you to the Expression of Interest register. You will be invited to apply for a housing loan between 6 and 9 months after being added to the Expression of Interest register.

IBA will then ask you to submit a Housing Loan Application which will be used to determine whether you qualify for a loan and the amount you may be able to borrow.

Due to strong demand for IBA housing Loans, the average wait time for loan approval is between 2 and 3 months from the time your full and complete application is received by IBA.

If your application is approved, we will advise you of the amount that you are able to borrow, and you can start looking for a home to buy. It’s important that you don’t make any offers on a property or enter into a contract for sale until after your loan has been approved by IBA.

Depending on your circumstances, IBA may provide you with a loan that only covers part of the funds you need to buy a home. If this is the case, you will need to borrow the remaining funds to complete the purchase from another lender.

If you apply for a housing loan through IBA, your personal credit history will be assessed. If you wish to know what information about you is held by the credit reference agency used by IBA, you can request a copy by visiting Equifax.

Who is eligible to apply for a loan?

To be eligible for an IBA housing loan you will:

  • be at least 18 years of age
  • be of Aboriginal and/or Torres Strait Islander descent (for joint applicants, only one person is required to meet this criteria)
  • be an Australian resident
  • be able to meet minimum deposit requirements (the First Home Owner Grant scheme may assist)
  • have the capacity to meet housing loan repayments
  • meet other housing loan product criteria relevant to your home purchase.

Types of homes that can be purchased or built

IBA housing loans are for purchasing a home to meet your family’s needs. For construction loans, the house being built must be of a suitable standard and will generally not include unnecessary extras, such as luxury fittings.

IBA will not provide housing loans for purchasing investment properties or properties that may be used for business purposes, including hobby farms, bed and breakfast establishments or other commercial properties.

We will only consider housing loans for off-the-plan purchases or the purchase of unregistered land, such as purchasing a brand new home or unit before it is built, if the purchase can be completed within a six-month period.

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