Gamilaroi woman Abbey said the benefits of accessing funds from a new $50 million shared equity scheme announced this week by Indigenous Business Australia was a 'gamechanger' for her becoming a homeowner.

"An opportunity to create a safe space and intergenerational wealth and healing for hopefully my future jarjums and their jarjums," Abbey said.

The new homeowner said the arrangement was crucial to her reaching a dream of owning a home sooner.

"I had a really supportive home loan officer," Abbey said.

"She had done lots of research and could see there was nothing in the area for the price I had been approved for.

"The shared equity plan was the game changer for me, and made it all possible."

Abbey said she doubted whether home ownership was within her reach before the shared equity plan was presented to her.

"This isn't just a home; this will be a change in my family's bloodline," she said.

A 12-month pilot program of the shared equity product helped 56 IBA customers purchase a home in their preferred location, with more customers expected in the following year.

IBA said the funding product would help more Indigenous people become homebuyers and covered up to 35 per cent of the purchase price of a property, with IBA home loan customers qualified for shared equity financing over three years.

Customers could purchase a property in their local market where their approved IBA home loan was insufficient to meet its price.

IBA deputy CEO, Sean Armistead, said IBA did not jointly own the property through the arrangement, but holds a share in the property equivalent to the percentage of the house's purchase price used to finance using the product.

"When the customer refinances or sells their home, IBA receives a percentage of the property value at that time relative to the IBA shared equity product, along with the outstanding balance of the IBA home loan," he said.

The scheme comes after IBA last month released a report with the Australian Housing and Urban Research Institute to jointly research how best to support Indigenous people access secure, affordable, and appropriate housing, amid rising house and rental prices and cost-of-living pressures on households.

The Aboriginal and Torres Strait Islander Pathways Through Housing report helped strategise how IBA and other institutions could address home ownership challenges faced by First Nations people.

It noted the considerable benefits specific to First Nations homeowners, including security of tenure, building intergenerational wealth, and greater lifestyle autonomy, all critical to self-determination.

The number of Indigenous homeowners has more than tripled in 20 years, from approximately 46,000 in 2001 to 145,000 in 2021

While the proportion of Indigenous households that were homeowners increased to 41 per cent in 2021, the rate was significantly lower than the nation's overall home ownership rate of 66 per cent, according to 2019-20 Australian Bureau of Statistics data.

Mr Armistead said the initiative was created in response to the growing housing crisis.

"It can make home ownership achievable for some First Nations people who otherwise could not afford to buy in their local area," he said.

"It's not for everyone, but for those that may benefit, our lending team work with you to review whether it's the right option."

More information on the IBA shared equity scheme is available online.