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Commonwealth provided home purchase assistance

Identifying and definitional attributes

Item type:Help on this termData Source
Description:Help on this term

The Department of Families, Housing, Community Services and Indigenous Affairs facilitaties two home purchase assistance programs: home ownership program (HOPS) and home ownership on Indigenous land (HOIL).

The HOPS assists Indigenous Australians to achieve home ownership by providing concessional home loans that feature:

  • low deposit requirements
  • low interest rates that gradually increase until they reach a rate one per cent below market variable interest rates for owner occupied homes
  • standard loan terms of up to 32 years that may be extended to assist loan affordability.

The HOIL program is a key Government measure aimed at closing the gap between Indigenous and non-Indigenous home ownership levels. HOIL aims to make home ownership a realistic choice for Indigenous Australians living on community titled land. The Program is a joint initiative between Indigenous Business Australia (IBA) and the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA).

Link to data source:Help on this termhttp://www.iba.gov.au/home-ownership

Collection and usage attributes

Implementation start date:Help on this term23/09/2011
Implementation end date:Help on this term23/09/2011

Source and reference attributes

Data custodian:Help on this termDepartment of Families, Housing, Community Services and Indigenous Affairs