As Australia moves to respond to the emerging global COVID-19 crisis, IBA wants to assure our customers that we are doing everything we can at this time to assist you and keep our operations running as smoothly as possible.

We know that many of you will be facing uncertainty and economic hardship now and in the coming months and our teams are hard at work looking for ways we can assist at this time.

IBA HOME LOAN CUSTOMERS

We are reducing our interest rates for all IBA home loan customers to a maximum of 2.99% per annum from 9 April 2020 for an initial 6-month period to be reviewed in the coming months. This applies to all IBA home loan customers irrespective of whether you are currently in hardship.

This will allow many of you to reduce loan repayments to help ease the pressure of the current crisis. If you currently pay less than the new interest rate, you will remain on your lower rate for this period. Home loan customers will receive a letter from the IBA Homes team providing further information about the interest rate changes and any repayment changes.

Further to this interest rate reduction, if you are an IBA home loan customer and are having difficulties meeting repayments due to the current COVID-19 situation, please contact our IBA Homes team on 1800 064 800. IBA has a range of provisions in place for our home loan customers facing financial hardship including postponing repayments for a period of time.

IBA BUSINESS CUSTOMERS

For IBA customers who have a start-up package, business loan or equipment finance product through IBA and have currently been significantly impacted by the COVID-19 situation, you will be able to apply for the following assistance:

  1. Deferral of business loan and lease payments for an initial four-month period
  2. Waiver of interest on business loans and leases for an initial four-month period
  3. Special assistance for customers experiencing hardship, including loan restructuring, reassessment of loan terms and assistance accessing other federal, state and territory government stimulus packages.

To apply for this assistance, please contact your relationship manager so they can begin undertaking an assessment of your situation. Contacting your relationship manager directly will be the quickest way for us to respond to your enquiry.

We know this is a rapidly changing situation and we are also working on further measures to support Indigenous businesses with access to advice, working capital and other support, to be announced shortly. Please stay tuned for more information.

WE’RE HERE TO HELP YOU

IBA is working closely with the NIAA and other Government agencies and sector participants to ensure we have a coordinated approach to assisting Aboriginal and Torres Strait Islander individuals, families, communities and businesses.

We note that circumstances will continue to change in the coming weeks and months and we will continue to update you with further information about how we can assist you during this time.

Finally, as with many organisations around the country, IBA has transitioned our 14 offices to remote working arrangements to support the health and wellbeing of our staff, customers and the community around us.

We remain open for business and want to assure you that we are doing everything we can to maintain services for our customers at this time. We greatly appreciate your patience while we adapt to these new conditions.

Kind regards,
Rajiv Viswanathan
IBA CEO

After maintenance to the IBA Home Loan Planner, it is now back online. Thank you for your patience.

If you have any questions, please contact us.

As Australia moves to respond to the emerging global COVID-19 crisis, IBA wants to assure our customers that we are doing everything we can at this time to assist you and keep our operations running as smoothly as possible.

We know that many of you will be facing uncertainty and economic hardship now and in the coming months and our teams are hard at work looking for ways we can assist at this time.

IBA BUSINESS FINANCE AND EQUIPMENT FINANCE CUSTOMERS

For IBA customers who have a start-up package, business loan or equipment finance product through IBA and have currently been significantly impacted by the COVID-19 situation, you will be able to apply for the following assistance:

  1. Deferral of business loan and lease payments for an initial four-month period
  2. Waiver of interest on business loans and leases for an initial four-month period
  3. Special assistance for customers experiencing hardship, including loan restructuring, reassessment of loan terms and assistance accessing other federal, state and territory government stimulus packages.

To apply for this package, please contact your relationship manager so they can begin undertaking an assessment of your situation. Contacting your relationship manager directly will be the quickest way for us to respond to your enquiry.

We know this is a rapidly changing situation and we will continue to keep you informed as these measures roll out so please stay tuned for more information.

IBA HOME LOAN CUSTOMERS

If you are an IBA home loan customer and are having difficulties meeting repayments due to the current COVID-19 situation, please contact our IBA Homes team on 1800 064 800. IBA has a range of provisions in place for our home loan customers facing financial hardship.

WE’RE HERE TO HELP YOU

IBA is working closely with other Government agencies and sector participants to ensure we have a coordinated approach to assisting our customers.

We note that circumstances will continue to change in the coming weeks and months and we will continue to update you with further information about how we can assist you during this time.

Finally, as with many organisations around the country, IBA is moving to transition our 14 offices to remote working over the next week.   We are making this transition to support the health and wellbeing of our staff, customers and the community around us.

We remain open for business and want to ensure you that we are doing everything we can to maintain services for our customers at this time, and we greatly appreciate your patience while we adapt to these new conditions.

Kind regards,

Rajiv Viswanathan

IBA CEO

Indigenous Business Australia (IBA) has confirmed that due to the increasing concerns around COVID-19, the 2020 Strong Women Strong Business conference will be postponed until further notice.

The 2020 Strong Women Strong Business conference was due to bring approximately 350 Aboriginal and Torres Strait Islander businesswomen together for three days of sharing, mentoring and business development.

The IBA Board and Executive team remain completely committed to the Strong Women Strong Business network and intends to reschedule the conference as soon as the health and wellbeing risks subside.

“Strong Women Strong Business is an incredibly important initiative to IBA and we will continue to do everything we can to support, promote and develop strong Aboriginal and Torres Strait Islander businesswomen,” said IBA Business Solutions Director Stella de Cos, an Arrernte woman.

“We are deeply saddened to be making this announcement, but the health and wellbeing of conference participants and staff is of paramount importance to IBA,” said Ms de Cos.

“Unfortunately bringing together that many people from across the country, particularly those from remote communities, presents too many unnecessary risks at this point in time.”

Ms de Cos encouraged conference applicants to remain active in the online groups and join the mentoring platform to deepen their relationships and learning.

“While the conference is a wonderful opportunity to bring so many different women together to share and learn, our Facebook community has almost 2,000 women and continues to grow every day. There is also the online mentoring platform that connects Indigenous women from across the country to help guide and mentor each other.”

“Perhaps now more than ever, our businesswomen need to support and nurture each other, and these online tools are a great way to feel connected even if we can’t come together in person right now.”

IBA is currently reaching out to all conference applicants to notify them of the postponement and will continue to share more information on online developments and new conference dates as they develop.

IBA is currently in the process of developing a support package for our business customers impacted by the COVID-19 crisis which will be released shortly. This support package will be in addition to the Bushfire Crisis Fund IBA announced in January; information about this funding package is available on the IBA website.

Further information on Strong Women Strong Business can be found at strongwomenstrongbusiness.com.au

Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au

Naomi and her kids in their family home

In partnership with The Guardian Labs, IBA developed a series of articles on the impacts of home ownership on Aboriginal and Torres Strait Islander people. The last of the series featured two strong Indigenous women and how their families have blossomed through their experiences.

Kylie and Naomi share their stories from budgeting to education to how their kids now see home ownership as an achievable dream.

Read more at The Guardian Labs - IBA: Building Communities.

The second in a series of content developed with The Guardian Labs, the latest article shows the ripple effect of how supporting Indigenous home ownership drives a strong economic future for Australia.

IBA Chairperson Eddie Fry and Deloitte Access Economics’ Urban Advisory practice leader Nicki Hutley discuss the multidimensional impacts of home ownership for Indigenous Australians and all Australia.

From reduced pressure on the wider economy to economic injections that would not happen otherwise to improved wellbeing - Indigenous home ownership is a valuable part of our society.

Read more at The Guardian LabsIBA: Building Communities.

2018 Strong Women Strong Business Conference

2018's Strong Women Strong Business Conference in Adelaide

Indigenous Business Australia (IBA) has announced details for the highly anticipated 2020 Strong Women Strong Business conference.

Following on from the immensely successful 2018 conference held in Adelaide, IBA is expanding this year’s conference to include an additional 150 women, taking the total conference attendance up to 350 which will make it the largest gathering of Aboriginal and Torres Strait Islander businesswomen in Australia’s history.

A Yamatji and Nyoongar woman and an IBA Board Director, Shirley McPherson, said that the Strong Women Strong Business network had gone from strength to strength since the first conference, showcasing the determination, ingenuity and innovation of the Indigenous business sector.

“The success of Strong Women Strong Business is due to the strength of the collective network. We have always been committed to partnering with as many Aboriginal and Torres Strait Islander businesswomen as possible to ensure that as the network grows it will always remain deeply rooted to its original intent – a place for Indigenous business women to share, grow and support one another’s businesses.”

“We are very proud of our partnerships with strong women business leaders that help guide the Strong Women Strong Business network and are critical in making the 2020 conference a reality,” said Ms McPherson.

The key pillars of the three-day conference will be capability and capacity building with a focus on innovation, technology, business financial literacy, trade and markets.

Arrernte woman and IBA’s Business Solutions Director, Stella de Cos, said the themes of this year’s conference had been led by the Strong Women Strong Business network and partners.

“Everything we do with Strong Women Strong Business is led by the network and our partners. We read every post and listen intently to the themes our women are discussing and have made sure that the conference program reflects these discussions.”

Applications for the 2020 conference open on 30 January, with limited spaces available. With nearly 1,800 women in the Strong Women Strong Business network alone, IBA is expecting a large volume of applications.

“We received more than 500 applications in just one week to attend the 2018 conference and we are expecting even more women to apply this time around,” said Ms de Cos.

“The Indigenous business sector is one of the fastest growing business sectors in Australia, and our women are a huge part of that growth. Over the past two years we have seen a 93 per cent increase in the number of business loans we are approving for Indigenous women and it is not slowing down. We want to ensure we’re doing everything we can to support this incredible business boom.”

The Strong Women Strong Business 2020 conference is funded by IBA, with successful applicants receiving travel and accommodation to Darwin.

Applications for Strong Women Strong Business open 30 January and close 14 February 2020. More information can be found  at strongwomenstrongbusiness.com.au or apply now.

Media contact: Tara Toohill, 02 9207 6362 or tara.toohill@iba.gov.au

In partnership with IBA, The Guardian Labs posted an article on how new research shows funding Indigenous Australian's home ownership benefits us all.

Housing security not only builds generational wealth but the flow-on effects are good for all Australians - the numbers speak for themselves.

Home ownership is crucial to fostering a safe, healthy and prosperous community. Indigenous Australians remain overrepresented among financially vulnerable Australians, but new research from Deloitte shows that owning a home leads to significantly improved social outcomes.

Supporting home ownership for Indigenous Australians addresses not only the issue of housing but also the financial security, social engagement and wellbeing of the whole community. It can make a difference to many critical issues facing both Indigenous and non-Indigenous Australians.

Read more on The Guardian Labs - IBA: Building Communities.

A new program has launched to help Victorian Aboriginal and Torres Strait Islander business owners to accelerate the growth of their businesses.

The accelerator program, called Meereeng 50, is a collaborative project led by Kinaway Chamber of Commerce Victoria Ltd, PwC's Indigenous Consulting and the University of Melbourne. They are working together with some of Australia’s largest companies, including Lendlease, National Australia Bank and Telstra, as well as IBA and the Victorian State Government, to deliver an accelerator program for mature businesses aspiring to develop relationships with major companies.

As Co-CEO of PIC Jodie Sizer said, 'Our mob are true entrepreneurs. We just need to help them get access to those opportunities.'

Kinaway General Manager, Paul Kruspe, sees Meereeng 50 as a significant step forward for Victorian Aboriginal and Torres Strait Islander businesses. He said, 'We know that one of the barriers to Aboriginal businesses getting contract opportunities is a lack of confidence to connect with key decision makers. By bringing suppliers and corporates together, Meereeng 50 will help to break down this initial hurdle.'

The pilot program will initially include up to 10 Victorian Aboriginal and/or Torres Strait Islander businesses, with the intention to roll out the developed program nationally.

For more information, visit meereeng50.com.au

Excerpt from an article written by Paige Taylor titled, 'More Indigenous move into home ownership group', and published in The Australian on 11 September 2019.

More Indigenous Australians than ever are homeowners, fewer live in overcrowded accommodation and Aboriginal and Torres Strait Islander people who rent are slowly shifting away from social housing in favour of private properties.

Figures to be published on Wednesday by the Australian Institute of Health and Welfare show almost two in five Indigenous Australians were homeowners at the last census — of those, 12 per cent owned their home outright and 26 per cent had a mortgage. 

The rate of home ownership among Indigenous Australians has gradually increased since 2006, while the home ownership rate among non-Indigenous Australians has decreased slightly over the same period.

In 2006, 34 per cent of Indigenous Australians owned their home or were paying it off.

By 2011 that figure had climbed to 36 per cent and at the 2016 census, 38 per cent of Indigenous Australians either owned their homes outright or were paying off a mortgage.

In contrast, the percentage of non-Indigenous Australians who either owned their home or were paying it off declined from 68 per cent in 2006 to 66 per cent in 2016.

Dagoman-Wardaman man and chairman of Indigenous Business Australia Eddie Fry oversees a home loan program that is helping increasing numbers of Aboriginal and Torres Strait Islander people into home ownership.

IBA approved more than $1bn in home loans to Indigenous Australians over the past five years.

In 2014-15, IBA approved 517 home loans to Aboriginal and Torres Strait Islander people. In 2017-18, the number of home loans approved by IBA was a record 917.

“Home ownership has an opportunity to formulate the next wave of transformative success for indigenous people,” Mr Fry said.

“Home ownership is a key pillar on the journey to economic independence for indigenous Australians, providing not only stable housing but also an anchor from which to build an asset base for current and future generations and equity for other investment and business opportunities.”