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Number of home ownership outcomes approved
454 home ownerships against a target of 650 (target not achieved).
The number of home loans delivered by IBA indicates how many Indigenous Australians are being helped to grow wealth and economic independence through home ownership,
consistent with IBA’s purpose. Performance against this target has been negatively impacted by an increase in average loan size (average house prices rose across Australia) and capital constraints. IBA enacted a change in lending strategy mid-financial year to improve this trend. However, whilst prior to COVID-19, was on track to achieve its target for the full year, performance was adversely affected during Q4 due to the uncertain economic conditions caused by the COVID-19 pandemic, restrictions on open houses and auctions (affecting settlements between March and June 2020) and a focus on supporting existing customers, which temporarily affected portfolio income.
Value of home ownership outcomes approved
$166.1 million against a target of $200 million (target not achieved).
The value of IBA’s home lending reflects Indigenous customers growing their capital and wealth through home ownership. Due to the COVID-19 pandemic, IBA acted to limit negative risk for customers in a highly uncertain market and economic situation.
Percentage of Indigenous homeowners who transition or are supported into mainstream lending
4.8% against a target of 4.5% (target achieved).
Transitioning customers to mainstream lending promotes economic self-management as outlined in IBA’s purpose. It also frees up capital, allowing IBA to lend to new customers who are unable to access finance with a mainstream lender. Despite an uncertain economic environment, IBA achieved this target by identifying home lending customers in a strong financial position who would be regarded favourably by mainstream lenders, and then supported their transition. The measure also includes a small number of customers who were provided a split funded loan arrangement between IBA and a mainstream lender.
Percentage of housing loans to applicants who are first home buyers
95.2% against a target of 90% (target achieved).
To fulfil IBA’s purpose, home lending is focused on first home buyers as this is the most direct way to increase the number of Indigenous Australians that own a home and build wealth.
Percentage of homeowners who transition from social housing and affordable rental to home ownership
6.4% against a target of 5% (target achieved).
Lending to customers transitioning from social housing to home ownership, supports self- management and economic self-sufficiency, consistent with IBA’s purpose. IBA requested information from home loan applicants about their housing background and prioritised customers transitioning from social housing and affordable rental (including public or community housing), to reach the target.