The pool of funds in Indigenous Business Australia’s (IBA) Indigenous Home Ownership Programme (IHOP) has reached a significant milestone, breaking the $1 billion mark.
It has taken 40 years to achieve this from very humble beginnings in 1975 when the IHOP began with $5 million in Commonwealth seed funding. Today, the IHOP has more than 4500 current home loans.
Minister for Indigenous Affairs, Nigel Scullion, said breaking the $1 billion mark showed what could happen when Aboriginal and Torres Strait Islander people were given access to opportunities and a fair go.
“Many thousands of First Australians have been given a start by the Indigenous Home Ownership Programme – from young people just starting out, to young families building for the future and older people who have been locked out of the market,” Minister Scullion said.
“The flow-on effects of home ownership are important. We know that in a stable home environment parents are more likely to be employed, children are more likely to be going to school and health outcomes are improved.
“The IHOP is one of the Commonwealth’s most enduring specific-purpose programmes – providing affordable home loans to First Australians. The programme has now helped more than 16,000 Aboriginal and Torres Strait Islander families to buy their own homes.”
Minister Scullion paid tribute to the leadership of the IBA board and in particular, Eddie Fry, who was appointed Chair in December 2014.
“Mr Fry is challenging IBA to increase its impact, effectiveness, and reach – to provide increased economic benefits for Indigenous Australians now and into the future,” Minister Scullion said.
Darwin locals Eddie Clarke and Sophie Henry are a prime example of the success of the IHOP. The couple is very excited to be able to move into their own home in Palmerston.
“For a while there we didn’t think that we would be able to get into the home market in Darwin,” the couple said.
“But with the help from IBA, we have been able to build a home for our young family in the area that we both grew up in.
“We feel really lucky to be able to do this and can’t wait to move in within the next few weeks.”
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2016-01-05 IBA home loans break $1 billion barrier.pdf