Once you have completed and submitted your EOI, one of our Home Loan Officers will contact you to discuss your circumstances and eligibility within 30 days.
If our Home Loan Officer determines that you are eligible and your circumstances suggest you are ready to apply for an IBA home loan, we will add you to our register. The next stage of the process is to complete a full Home Loan Application, however, IBA currently has a waiting period of approximately 2 months before we will invite you to apply.
You can find details of the application process and forms here.
IBA is currently experiencing extremely high demand for our IBA Home Loans. Rest assured, our Home Loan Officers are working hard to process your EOIs and Home Loan Applications as quickly as possible. Please be patient with us.
Once you’re ready, register your interest in applying for an IBA home loan by completing the online Expression of Interest (EOI) form. When completing this form, it is important to provide as much accurate information as possible so that we can make a true assessment of your individual circumstances.
If you can’t complete the form in one sitting, you can log back into the myIBA portal to finish your incomplete EOI.
Once the assessment of your EOI has started, one of our Home Loan Officers will contact you to discuss your circumstance and eligibility. If you are eligible and ready to apply for an IBA home loan, we will add you to the register and you will then be invited to apply for an IBA home loan.
Once you have been invited to apply for an IBA home loan, you will be asked to submit a Home Loan Application and other supporting documents. We will use this information to verify the following information and assess your eligibility for an IBA Home Loan.
We would use this information to verify if the information provided is an accurate representation of your EOI submission using a credit reference check provided by Equifax. To understand what information is held on file with Equifax, you can request a copy of your credit report from their website by paying a small fee.
We verify your:
If you want to know what information about you is held by the credit reference agency used by IBA, you can request a copy by visiting Equifax.
Once the assessment has been completed, and if you successfully meet all the criteria, our staff will advise you of your pre-approval, the amount that you are able to borrow, and you can start looking for a home to buy. It is important that you do not make any offers on a property or enter into a contract of sale until after your loan has been pre-approved by IBA.
As everyone’s circumstances are unique, there may be cases where IBA can only provide you with a loan that covers part of the funds you need to buy a home. In these cases, you will need to borrow the remaining funds to complete your purchase from another lender.
To be eligible for an IBA home loan, the following criteria must be met:
IBA home loan products are available to provide a home to meet your family’s needs and includes:
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.
If you have any questions or want to have a yarn with one of our friendly staff about IBA’s home loan process, you can call us on 1800 107 107 or submit an inquiry using our online form.
Please note: This information is prepared based on general information. It does not take into account individual financial needs or objectives, and it does not constitute as financial product advice.
