From 1 July 2006, the Australian Government is providing $52.9 million plus capital of $54.6 million over four years for initiatives to promote Indigenous home ownership on community title land.
The measure will assist Indigenous families living in communities on Indigenous land to access affordable home loan finance, discounts on purchase prices of houses, and money management training and support.
The FaCSIA components are:
- Construction of 45 new houses which will be earmarked for home ownership;
- Provision of purchase price discounts of up to 20 per cent to reward good renters; and
- Provision of money management training and support to eight communities and a matched savings scheme.
The measure builds on the Government announcement in October 2005 of complementary measures to establish home ownership on Indigenous land. The October 2005 announcement coincides with the proposed changes to the Aboriginal Land Rights (Northern Territory) Act 1976, designed to facilitate long-term individual land tenure in Indigenous communities. The Australian Government is engaging with other state governments to negotiate land tenure arrangements to support home ownership.
The measure is designed to address the disparity between the home ownership rates of Indigenous and non-Indigenous people and provide the choice of home ownership for Indigenous families living on Indigenous land.
This is a joint measure with Indigenous Business Australia and FaCSIA with support from the Attorney General's Department on land title issues.
1 July 2006.
Total Financial Impact on FaCSIA
$29.2 million over four years.