IBA HOMES
How do I apply for a loan through Want to know more?
IBA Homes? Before acting on the information provided in
If you or your partner or spouse is an Aboriginal this brochure, consider how appropriate it is
or Torres Strait Islander, you may apply for a to your own financial situation and needs as
loan with IBA Homes by completing a it has been prepared as a general guide
Request for Placement on the Housing Loan without knowledge of your specific situation.
Any application for a housing loan will be
Application List and a Confirmation of
Aboriginality or Torres Strait Islander Descent subject to IBA’s eligibility criteria, standard INDIGENOUS
policy and loan conditions.
form, and lodging both with your local
IBA Homes loan unit. These forms are There is always something we can do to help,
HOME
available on our website at www.iba.gov.au so don’t hesitate to get in touch. You can do
this through your local IBA office, by calling
FINANCE
IBA will assess your application and contact
you if you have been successful in being 1800 107 107 or by visiting our website
placed on the Housing Loan Application List at www.iba.gov.au
(a list of applicants eligible for a housing loan).
Call 1800 107 107 now
HOME OWNERSHIP
What is IBA Homes? How does IBA assess my How much can we borrow, and
IBA Homes is a programme that provides a eligibility? what will our repayments be?
range of housing loan products to help Eligible applicants will be capable of repaying Loan amount and repayments will depend upon
eligible Aboriginal and Torres Strait Islander a housing loan, meeting associated costs several factors including your current family
people to buy their own home. We can help including the deposit and legal fees, will have income, other loans which you may have and
with initial advice, an assessment of your an income within the allowable limits set by the price of the home you wish to buy.
financial circumstances and with low-interest IBA and will provide a Confirmation of
loans – providing you are eligible to receive Following the assessment of your Request for
Aboriginality or Torres Strait Islander Descent Placement on the Housing Loan Application
assistance. form for at least one applicant. List, IBA Homes staff will estimate the loan
We recognise that everyone’s needs are Your ability to repay a home loan will be based and repayment amounts appropriate for you.
different and for this reason we assess all on a comparison between your monthly
applications individually. income and living expenses as well as other
IBA Homes staff are located throughout ongoing expenses including personal loans
What interest rate will apply?
Australia and can be contacted during and credit cards. The initial interest rate payable on an IBA Homes
business hours on 1800 107 107 . A modest deposit will be required when buying loan can vary depending on the type of loan
a home and associated legal and government you are applying for. For example, a loan for
charges will also apply; these costs can vary renovations to your existing home would be
What kind of loans does set at a different rate to a loan for the
from state to state. IBA Homes does not
IBA Homes provide? currently have any fees attached to its home purchase of your first home.
IBA Homes provides low interest-rate home loans and there is no requirement for any For most applicants buying their first home,
loans to Indigenous people who are buying a applicant to obtain lenders’ mortgage insurance. the initial interest rate is generally 4.5%.
home or land, building a new home, carrying If you are buying your first home you may be A reduced interest rate may apply for families
out home improvements or home maintenance eligible to access the First Home Owners with an annual income of less than $30,000.
and repairs. Grant (FHOG) to help meet costs.
Under special conditions IBA Homes may Please contact IBA Homes on 1800 107 107
also offer loans to those Indigenous people for more information.
who are refinancing an existing home loan.