remote indigenous home loans

To improve opportunities for home ownership in remote areas, IBA is offering a package of financial assistance and grants which may include:

• An IBA standard introductory interest rate loan with a longer introductory period.
• Up to $13,000 grant available to meet establishment costs, like legal or financial advice, pest report, property valuation and initial home insurance costs.
• Potential $20,000 grant available for minor house renovations, repairs and maintenance (subject to eligibility).
• Low deposit requirements (from $1,500 depending on income).

Are you eligible?

Assistance is available to Aboriginal or Torres Strait Islander people who demonstrate a capacity and readiness to take on the responsibilities that come with owning a home.

Customers who currently live or previously lived in a Remote Location may be eligible.

IBA uses the Remote Locations – ARIA schedule to establish whether a property or location is considered ‘remote’ or ‘very remote’ which is an eligibility requirement for this product.

Generally, remote locations are Indigenous communities that lack a significant history of home ownership, including:

• Locations where land title is held communally.
• Locations that have mixed land tenure arrangements.
• Locations on land that is partly owned under community title and is not Commonwealth land.
• Communities classified as Remote or Very Remote under ARIA, together with, the following 4 locations in New South Wales:
  
  • Narrabri 
  • Coonamble 
  • Lake Cargelligo
  • Barradine

Establishment Costs Grant

Subject to approval and eligibility, a RIHL applicant may receive a grant of up to $13,000 to assist in meeting the following establishment costs:

• legal advice and fees
• financial advice
• mortgage registration
• preparation of security documentation
• stamp duty
• property valuation
• pest and building reports
• pest control
• initial home insurance
• project manager costs for new constructions or renovations.

Remote Indigenous Home Buyer Grant

Some properties may need repair and maintenance. Subject to approval and eligibility, a grant of $20,000 may be available to cover the following expenses:

• Minor house repairs and maintenance.
• Other costs associated with completing the home purchase, not met under the Establishment Costs Grant.

This grant is only available to applicants with total gross incomes up to $98,220 (effective as at 22 June 2024 and subject to change at any time).

Moving from a remote location?

People who permanently move from a nominated remote location or an outstation/small Indigenous community after 1 August 2015 remain eligible for RIHL and associated grants for up to five years from the date they move.

The applicant must have been a permanent resident of the remote community for three consecutive years and moved for education or employment opportunities.