Home Ownership


Buying your home is likely to be one of the biggest purchases of your life. The TSRA Economic Development Programme offers home loans at concessional interest rates to eligible Torres Strait Islander and Aboriginal people living in the Torres Strait region.

Owning your own home can:

  • Create a secure and stable environment to raise and nurture your family
  • Avoid the uncertainties of renting
  • Create a source of financial security and independence for current and future generations

The TSRA Home Ownership Program offers:

  • Interest is charged at 4.5 per cent and rises each year by 0.5 per cent to a maximum of 1 per cent below the Commonwealth Bank of Australia (CBA) owner-occupied variable home loan interest rate.
  • A maximum loan term of 32 years.
  • Option to purchase an established residential property, construct a new home, purchase land or make essential improvements to an existing home.

Who is eligible to apply for a Home Ownership loan:

To be eligible for a TSRA housing loan you will:

  • Be of Torres Strait Islander or Aboriginal Person living in the Torres Strait Region.
  • Have the capacity to meet housing loan repayments.
  • Be able to meet the minimum deposit requirement of $3,000 or 5% of the cost of the home, whichever is the lesser.
  • Not currently own a property.

What are the Home Ownership conditions:

  • The loan funds can only be used for the purchase or refinance of land or a house not to payout personal debt.
  • The home must be client’s principal place of residence.

If you are interested in applying for a home loan contact the TSRA Economic Development Programme on 07 4069 0700 or email economic@tsra.gov.au.

Useful Tools:

What do you spend money on each month? The Australian Securities and Investments Commission provide a useful Budget PlannerThis link will navigate you away from this website which identifies everyday costs including rent, groceries, transport, insurance, medicines, haircuts and takeaways etc.

Indigenous Business Australia also provides an online loan planner that may assist you to calculate your borrowing capacity.

When you apply for a loan your personal credit history will be assessed. If you wish to know what information about you is held by the credit reference agency, you are entitled to obtain a copy which can be requested by visiting Veda Advantage.