The Aboriginal Home Ownership Scheme is designed to assist Aboriginal and Torres Strait Islander people buy a home of their own.

We can help with initial advice, an assessment of your financial circumstances and ongoing support once the loan has been taken out.

The aim of the scheme is to provide Aboriginal people with an opportunity to achieve home ownership and to establish a proud, secure base within the community for themselves and their family. We recognise that everyone’s needs are different which is why we offer a shared equity loan and a Low Deposit loan.

Shared Equity Loans

The shared equity loan is designed for people on income that is within the rental income limits set down by the Department of Housing and Works. For further information on these limits, click here.

Under the shared equity scheme, the Department of Housing and Works will purchase equity in a property, with your loan and deposit covering the balance of the purchase price. This will allow you to realise your dream of home ownership sooner rather than later.

In the future when you can afford to, you can purchase some or all of this equity back from the Department. This will be based on the market value of the property at that time, however if you have made structural improvements that have added value to the property, this will be taken into consideration.

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Low Deposit Loans

With a Low Deposit loan, you may only need a deposit of $2,000 or 2% of the purchase price if the property you are purchasing is $450,000 or less.

If you don’t have that amount already saved, then the First Home Owner Grant can be used to cover all or part of the deposit and any loan fees. For further information on the First Home Owners Grant, click here.

If you are not eligible for a First Home Owner Grant then you may be able to borrow up to $2,000 for assistance with fees. Non-first homebuyers may also be eligible for a non-repayable grant from the Department of Housing and Works of up to $3000 to assist with the purchase costs.

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How much can we borrow, and what will our repayments be?

The loan amount and repayments will depend on your assessable income, other commitments you may have and the value of the property you wish to purchase..

Our loans counsellors will determine the loan you qualify for once they receive an application form and supporting documentation from you.

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What interest rate will apply?

The interest rate is variable and at the 1st October 2008 is 8.74 per cent per annum.

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Eligibility

Applicants for the Aboriginal Home Ownership scheme must:

• Provide written confirmation from a recognised Aboriginal organisation that they are of Aboriginal or Torres Strait Islander descent
• Be over 18 years of age
• not have any debts owing to the the Department of Housing and Works or Keystart
• have a satisfactory rental and credit history
• be able to demonstrate that you have the capacity to meet the required repayment
• not own or part-own another property or land in Australia
• not be currently bankrupt or discharged from bankruptcy within 2 years of the date of the application

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Where do I obtain further information?

For information about the Aboriginal Home Ownership Scheme or to determine if you are eligible to apply, contact:

Manager, Robert Isaacs OAM JP
Toll Free: 1800 306 877

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