Home Ownership Scheme

Home Ownership Scheme

The Torres Strait Regional Authority (TSRA) operates a Home Ownership scheme, which provides home and land loans on freehold land at concessionary interest rates to Torres Strait and Aboriginal people of this region.

Objective:  To provide home ownership for the Indigenous residents of the Torres Strait region through home loans, thereby increasing their economic status and social wellbeing.

Am I eligible to apply for the Home Ownership Scheme?

You must be a Torres Strait Islander or Aboriginal person living in the Torres Strait region. If you currently own a property, TSRA will not fund you for additional property.

What does the TSRA Home Ownership scheme offer?

• A maximum loan term of 32 years
• Opportunity to refinance your existing loan
• Interest is charged at 4.5% and rises each year by 0.5%
• Loans remain at 1% below the Commonwealth Bank of Australia (CBA) rate owner occupied variable home loan interest rate

How do I apply for a home loan?

To apply for a land or home loan, you can contact the TSRA Field Operations section and an application kit will be forwarded to you. Alternatively, you can download a TSRA Home Loan Application now, and submit it to the TSRA using the details provided below.

Should you need assistance, a TSRA Home Loan Officer can assist in giving advice.

What is the Application Process?

Applications can be forwarded at anytime to the TSRA.
Assistance is subject to individuals and families on low and average income, subject to a points system based on the family size, current rental circumstances, adequate security and the applicant’s income. The process is as follows:

1. Member of public notifies the TSRA of interest in the Scheme
2. An Application package sent out
3. The package is completed and returned to TSRA with relevant supporting documents 
4. Assessment of application is undertaken by TSRA, and applicant is notified of the outcome
5. If successful, the applicant is sent a letter of offer, which must be signed and returned if applicant chooses to accept the offer
6. Legal documents are then drawn and signed 
7. Applicant can begin process of purchasing property
8. Client is advised of when repayments are due

How do I contact TSRA?

For more information about the Home Ownership Scheme, you can contact the TSRA’s Economic Development Unit by:

Telephone:  07 4069 0700 or Toll Free 1800 079 093
Fax:  07 4069 1879
Email:   info@tsra.gov.au
Post:  PO Box 261, Thursday Island, Qld 4875
Alternatively you can visit the TSRA Office at level 1,
Torres Strait Haus, Victoria Parade, Thursday Island.