Compare home loans for indigenous australians

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 20 Jul 2019

Compare indigenous australian home loans

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Home loans for Indigenous Australians

If you’re an Indigenous Australian you can of course apply for any loan that appeals to you, but you may also be eligible for extra support to help you buy the home you want. You could get a grant to help with your purchase, lower rates on loans, or support to help you manage your finances and keep up with your monthly payments after you buy.

The Indigenous Home Ownership Program

The Indigenous Home Ownership Program from Indigenous Business Australia is a scheme designed to help you buy an existing property or build a new one. You won’t need a big deposit to get a loan this way and you can benefit from a low interest rate. Lengthy loan terms are available to keep your monthly payments low and in some case the loan term can be extended further to make it easier for you to manage. You could be eligible for extra help if you want to build on communal land.

Are you eligible for an IBA loan?

IBA loans are available to people with Aboriginal or Torres Strait Islander backgrounds. You’ll have to be over 18 and have enough income to be able to meet the minimum payment threshold, as well as some savings you can put into a deposit – you may be able to get help with the latter.

How to apply for an IBA loan

You can download the forms you need to register an interest in an IBA home loan from the IBA website. After you have returned them you will have to wait in a queue until the IBA has enough funding free to assist you, at which point you will be invited to make a formal application. In some cases the IBA will be able to loan you all the money you need directly; in others it will lend you part of it and you can arrange to borrow the rest from another lender.

KeyStart Aboriginal Home Loans

Western Australians can take advantage of the KeyStart Aboriginal Home Loan scheme. This offers you two options: you can buy your home in the usual way or you can opt to share ownership with the Department of Housing. Deposits can be as low as 2% and you will have the facility to make as many early repayments as you are able to at no extra charge.

The right loan for you

Whether or not you choose to make use of the home loans for Indigenous Australians program, you will need to weigh up your priorities before deciding what is right for you. Do you want low interest rates to keep your payments manageable, low fees so extra costs, or extra features such as the ability to pay back your loan early without penalty? Do you want a short loan term or a long one? The clearer you are about this when you start looking, the better your chance of getting your ideal home loan.

FAQs

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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