Johnine's employer buys a house she wants, then sells it to her, not for profit but to take it off the market and give the mother-of-four breathing space to secure finance — rather than compete with buyers offering cash.
But despite requiring deposits as low as $1,500 and working with clients that mainstream banks would not serve, only about 9 per cent were pre-approved for a loan.Ms Moore attributed that to cash offers being more attractive to sellers, but also rising property prices and worsening affordability.
She said IBA was trying to improve and speed up its processes to help clients cut through the tight conditions. Ms Moore said IBA had recently signed an agreement to offer similar shared equity loans in Victoria and would like to broaden the program in the future and help people into more appropriate homes.
She also said there might be opportunities for groups like Esperance Tjaltjraak to embark on shared equity arrangements.Ms Graham said she often thought it strange that few Aboriginal people owned homes or land in Esperance, despite is native title achievement in 2014.Johnine Graham wants to help other Aboriginal Australians enter the housing market as well.
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