An innovative cross-government venture will deliver a pilot program to increase Aboriginal home ownership opportunities in partnership with a Broome indigenous company.
Nyamba Buru Yawuru Ltd (NBY) is partnering with the Kimberley Development Commission and the State Government's mortgage lender Keystart to make eight homes available for shared equity purchase by members of Broome's Yawuru community.
Housing Minister Colin Holt described the program as a significant opportunity for Aboriginal people that will facilitate community capacity building as well as individual wellbeing.
"This is Keystart's first foray into direct partnership with an Aboriginal company in order to increase indigenous home ownership among low-to-moderate income earners," Mr Holt said.
"As a Government-backed lender, Keystart is able to play a vital role in providing finance where other options may not be available."
Under the program, first home owners will be able to access a housing package valued at up to $530,000 on land owned by NBY.
NBY will own up to a 50 per cent equity share in the homes, which will be required to meet Keystart's minimum standard criteria.
Regional Development Minister Terry Redman said Royalties for Regions was investing $750,000 in the program to increase the availability of affordable housing in Broome.
"The lack of affordable housing is a major concern for the Kimberley region and this pilot program will contribute to the long-term sustainability of the region by supporting home ownership opportunities," Mr Redman said.
Eligible participants will be able to submit their applications for consideration later this year.
Since 1989, Keystart has loaned $11.5 billion to more than 59,000 applicants
$989 million loaned to 2,666 applicants this financial year of which 86% of applicants were eligible for a First Home Owner Grant
At March 31, 2015, Keystart had 52 active loans in the Kimberley
Minister's office - 6552 6100