The launch of two new strategic partnerships – Australian Unity Bank and Bank Australia – supports Aboriginal and Torres Strait Islander people in their financial success.
- New strategic partnership announced to support Aboriginal and Torres Strait Islander people with their homeownership options.
- Australian Unity Bank and Bank Australia form the new banking panel aligned with the values of Indigenous Business Australia (IBA).
- Financial wellbeing for Indigenous Australians is paramount in the new partnership.
The partnership demonstrates an important collaboration with segments of the corporate sector committed to the economic independence of Indigenous Australians.
Australian Unity Bank and Bank Australia will deliver a diverse range of products and services to IBA customers that facilitate financial success and economic independence in a relevant and culturally sensitive way.
Christine Yates, Chief Executive Officer of Retail, Australian Unity, said the partnership reaffirmed Australian Unity’s commitment to building strong and respectful relationships with Indigenous Australia.
“I am proud that Australian Unity Bank has entered into a partnership with IBA to support members of the Indigenous community own a home and support economic empowerment.”
“We know that Aboriginal and Torres Strait Islander people remain overrepresented among financially vulnerable Australians, and that homeownership can lead to significantly improved socio-economic outcomes,” Ms Yates said.
Damien Walsh, Bank Australia Managing Director said that partnering with IBA to provide values-aligned access to finance for Aboriginal and Torres Strait Islander people is an important step in helping to build a fairer and more inclusive society.
“Working with IBA will help us to better meet the needs of First Nations people on their homeownership journeys, and we hope to continue to learn from IBA to improve our ability to support First Nations people in building their financial independence.”
IBA provided their 20,000th home loan to the Indigenous community in 2020. This bank panel arrangement builds on IBA’s ongoing commitment to Indigenous prosperity, reconciliation and genuine relationships with Aboriginal and Torres Strait Islander people, their communities and Indigenous businesses.
Peter O’Neill, Acting Chief Executive Officer of IBA, said the partnerships with Australian Unity Bank and Bank Australia would support new and existing customers to take ownership of their home and their future.
“We’re always working hard to ensure the best for our customers, and after months of discussion we are delighted to partner with two banks that align with our values to provide new lending options,” Mr O’Neill said.
“These strategic partnerships demonstrate an important collaboration with segments of the corporate sector committed to the economic independence of Indigenous Australians.”
The dedicated teams at both banks have undertaken formal cultural understanding training to ensure a smooth transition for IBA customers and provide them with the guidance and service quality they are accustomed to through their existing relationship.