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IBA Shared Equity

IBA Shared Equity

Posted 31 August 2023

IBA are constantly looking for new ways to support Aboriginal and Torres Strait Islander people achieve their goals of home ownership, running a business, and investing in their future. In response to the growing housing crisis and some customers being priced out of their local markets, we’ve launched a new product called IBA Shared Equity to complement our IBA Home Loan.

The IBA Shared Equity product is a finance option provided in combination with an IBA Home Loan. With IBA Shared Equity, you can get up to 35% of the property purchase price, and IBA will provide an IBA Home Loan for the balance (less your deposit).

IBA will not jointly own the property, however, by providing the IBA Shared Equity product to you, IBA will have a share in the property that is equivalent to the percentage of the property purchase price that was financed using the IBA Shared Equity product (up to 35%).

Instead of making repayments on the IBA Shared Equity contribution like you will with your IBA Home Loan, IBA’s Shared Equity contribution amount increases and decreases in line with your property value, with payment or buyout only required at the time you refinance or sell your home.

This means your home loan will be more affordable because your repayments on your IBA Home Loan will be lower than if you had borrowed the full amount you needed to buy your home.

If you refinance or sell your home, IBA receives a percentage of the property value at that time relative to the IBA Shared Equity product, along with the outstanding balance of your IBA home loan.

It’s not for everyone, but for those that may benefit, we can work with you to review whether it’s the right option for you.

Find out more about IBA Shared Equity.