How Tunde bought his first home with Indigenous Business Australia

Before he moved to Melbourne, Arrernte man Babatunde (Tunde for short) lived in Katherine where the traditional lands of the Jawoyn, Dagoman, and Wardaman Peoples converge. He maintains strong bonds to the town, and visits regularly. 

“There's a different love for Country whenever I go to the Top End,” Tunde says. “The NT is where I grew up. It's a beautiful piece of land, and all my family's there, so it's a special connection.”

But city life was calling, and Tunde was enticed by the family ties he already had in Melbourne, where his sister lived.

“Within four days of actually being in Melbourne, I had a job, and life just rolled on from there,” he says. “I've been here since, and fell in love with the cafe life and that constant capacity of stimulation. No matter what you're into, no matter what day of the week it is, you can find whatever your niche is.”

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Tunde rented in the leafy inner north suburb of Clifton Hill for a few years. At this time, he considered home ownership a bit of a “pipe dream”. That was before he landed a project working as a skilled tradesperson in Queensland. “I was working long hours and doing overtime,” Tunde says. “I was away from home a lot and I just gradually built my savings. That’s when I realised that homeownership is actually a realistic thing that I could achieve."

As part of this process, Tunde began researching all of the home loan options that were available to him. He came across Indigenous Business Australia (IBA), who have a strategic partnership with Bank Australia . IBA offers home loans that improve accessibility for First Nations people to buy property. “I had heard of Aboriginal housing loans before,” says Tunde. “Through IBA, I could get a loan without mortgage lenders insurance, ultimately using a smaller deposit.”

Having met IBA’s eligibility criteria and after providing details of his financial situation along with his application and other supporting documents, Tunde’s IBA loan application was approved.

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‍A major step was finding a house. After a few disheartening occasions of houses selling far above the advertised price bracket, Tunde purchased a two-storey, three-bedroom house with floor-to-ceiling windows in the green, leafy suburb of Maribyrnong, a short walk from the suburb’s namesake river.

“I saw a lot of potential in the actual house,” Tunde says. “I appreciate that it’s quiet and not on a main strip. And I appreciate the suburb’s greenery, and being close to nature so I can run or cycle along the river.”

After a few years, Tunde reached out to Bank Australia, one of IBA’s banking panel, to consider refinancing his loan.

“The application process with Bank Australia was straightforward,” he says. “It felt tailored and it was nice to have good support. You're dealing with someone who actually knows the IBA side and the Bank Australia side, which makes it streamlined. They help you with everything that you need to get and give you updates on how everything is progressing.”

Since purchasing his house, Tunde says dealing with both IBA and Bank Australia has been simple. “After the application process, it’s all been pretty self-sufficient,” he says. “Once you have it set up to pay your mortgage on time, the bank won’t take up much more of your time.”

Achieving his goal of home ownership has given Tunde a sense of grounding in the city he now calls home. “I pride myself on having a nice home,” he says. “It’s a place to relax and shut off from the world. It’s a place of safety, a place of peace – and that’s what home should be.”

Find out more about Bank Australia’s partnership with Indigenous Business Australia.