A call for Government to expand home ownership schemes comes as a report indicates that Indigenous homeowners are increasing their incomes as a direct result as well as staying ahead in mortgage repayments. Researchers Anna Szava and Mark Moran examined 60 Aboriginal families in regional areas who received low-interest loans from Indigenous Business Australia. The study found new owners sought higher incomes to enable home improvements and extensions.
The report quotes income levels increasing by more than 50 per cent over an average period of six years.
Welcoming the findings, Indigenous Affairs Minister Jenny Macklin said she was determined to expand housing choice for indigenous Australians.
"This study highlights several key economic benefits of home ownership for indigenous Australians, including increased income, strong employment, improved financial and budgeting skills and maintenance of their property," Ms Macklin said. "There is no doubt that equity in a home leads to a strong stake in your economic future. I want more indigenous working families to have this sense of security and control over their future through home ownership."
Benefits were not limited to financial gain however, with all respondants now living in a nuclear family setting instead of a multiple family household as up to half had previously, and having more security instead of short term housing.
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