Home ownership can be a driver of wealth creation. It can also create stronger incentives for employment and can break the welfare cycle for families. Some Aboriginal and Torres Strait Islander people have said that owning a home can create strong family links as the home can be passed on to children.
The Australian Government supports low-interest, low-deposit loans to Aboriginal and Torres Strait Islander people through Indigenous Business Australia (IBA).
Through its Indigenous Home Ownership Program (IHOP), IBA offers concessional home loan, with low and flexible interest rates and deposit requirements, to low income Indigenous Australians who want to purchase their first home but are unable to access mainstream financing.
IBA also offers culturally appropriate advice and support services to its clients and helps them to transition to mainstream financial services.
Over its history, IHOP has helped over 18,000 Indigenous families into home ownership, generating $2.3 billion in wealth.
For more information please go to the Home Ownership page at IBA’s website: https://www.iba.gov.au/2016/04/home-ownership-and-indigenous-australians/