IBA home loans are available to Indigenous Australians buying, in most cases, their first home and who are unable to borrow all of the required funds from another lender (for example, a bank or credit union).
IBA offers home loan products to enable eligible customers to buy:
Additional assistance is available to customers living in remote areas or who are relocating from a remote area.
IBA also offers loan products for other housing-related purposes – for example, to fund essential repairs or improvements to an existing home, or to refinance an existing loan in cases of family break-up or where there is a change in financial circumstances that would result in the family home being sold.
This is a loan to purchase an established residential property suitable for your needs. This is the most frequently used IBA home loan product.
This is a loan to purchase an existing residential property and undertake repairs and renovations. The repairs and renovation must be undertaken by a registered licensed builder under a fixed-price contract.
For these types of loans, IBA will release loan funds on a progressive drawdown basis, with progress/valuation certification at each stage of construction.
This is a loan to purchase 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.
For these types of loans, IBA will release loan funds on a progressive drawdown basis, with progress/valuation certification at each stage of construction.
The house construction must be completed within a time period approved by IBA.
You will be required to pay for other costs in addition to the purchase price of your home. These may include your property valuation report, building and pest inspections, conveyancing costs, state-levied duties (e.g. stamp duty) and mortgage registration fees.
If you are a first home buyer and don’t have sufficient personal savings or access to First Home Owner Grant funds, an additional loan may be available to meet some of these costs, primarily stamp duty. We encourage you to build your savings to meet these costs and reduce the total amount you may need to borrow.
This is a loan for essential improvements, maintenance and repairs to your existing home. IBA may consider providing a home improvement loan when the improvement is required:
This is a loan to start you on the path to home ownership through purchasing a residential block of land, which you can then later build on. A condition for purchasing residential land is that you build a home within a certain timeframe.
This is a loan to refinance a home loan from another lender where the applicant is facing financial or mortgage stress and may lose their home.
This is a loan to enable applicants experiencing a relationship break-up to continue to live in and own their home by buying out the other party’s equity interest.
This is a loan to assist people who have owned a home before but their financial situation precludes them from borrowing from a bank.
