how to apply

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 About IBA home 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?

An IBA Home Loan officer will contact you to discuss your circumstances within 60 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.

If we find that you are eligible, but not yet ready to apply for a housing loan but likely to be ready within 3 months, we will work with you to create a plan to help you become application ready. We will contact you to re-assess your circumstances at the end of the 3 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 typically within 3-6 months from when you were 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.

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

At least one applicant must:

  • be of Aboriginal and/or Torres Strait Islander descent

All applicants must:

  • be Australian citizens or permanent residents
  • be at least 18 years of age
  • be able to contribute the relevant deposit/equity (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
  • intend to reside in the home being acquired

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.

The video below talks about the key documents you'll need when applying.