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IBA reaches $2b home loan milestone
by Daniel Hughes 30 May 2014
I
ndigenous Business Australia Chair, Dr Dawn Casey is pleased to announce that IBA’s Indigenous Home Ownership Program has achieved the significant milestone of providing over $2 billion in home loans to Aboriginal and Torres Strait Islander people. “This milestone achievement by IBA is a tangible testament to the significant role the Program has had for Aboriginal or Torres Strait Islander peoples in their ongoing pursuit of social and economic benefits,” Dr Casey said. “This fantastic outcome has resulted in over 16,000 Aboriginal and Torres Strait Islander families taking that important step toward economic and family security by purchasing their own home. The loan approval that allowed IBA to reach this milestone was provided to Albert Storch and Mariana Nipper from the Far North Queensland community of Hope Vale. With the land and building contracts soon to be finalised, construction will begin on Albert and Mariana home that will incorporate personalised design features. Mariana and Albert who works three jobs as an ambulance officer, security guard and in the local store have been long-term residents in social housing and can’t wait to live in their own home. In Hope Valley Estate in Hope Vale, five families have constructed and now occupy their homes using IHOP loans and a further seven home loans have been approved as
Albert Storch and Mariana Nipper from the Far North Queensland community of Hope Vale helped IBA to reach their $2 billion home loan milestone.
at 23 May 2014. This $2 billion milestone had its origins in 1975, since then the Program has continued its focus of lending money to first home buyers which in turn has generated wealth for Aboriginal and Torres Strait Islander peoples through the equity created by buying their own homes. “The home ownership program is very successful because it provides flexible, affordable housing finance and post-settlement support “It is unique as it assists first
home buyers who cannot get home loans from banks due to circumstances such as low incomes, minimal savings and unique land tenure on community titled land along with the other barriers Aboriginal or Torres Strait Islander peoples often face when they are wanting to buy their own home.” “It is anticipated that at the close of the 2013-14 financial year, IBA will have approved another 560 home loans for a value of $140 million,” Dr Casey concluded.
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