This article is from the Australian Property Journal archive
FIRST home buyers in the Northern Territory will be able to apply for a $50,000 grant to buy or build a new home from Tuesday, when the newly-elected Country Liberal Party government opens applications for its home buyer incentives.
The HomeGrown Territory program also includes a $10,000 grant for first home buyers to purchase an established home.
The CLP Government has committed $20 million to the scheme and will reallocate more funding if required over the 12-month program.
In a first for the Territory, the program also includes a FreshStart New Home Grant of $30,000 for non-first home buyers to purchase or build a new home.
There will be no cap on purchase or build price, and all successful applicants must live in their homes for a minimum of 12 months. Australian citizens and permanent residents are eligible for the grant “to support population growth”, the government said.
Chief Minister Lia Finocchiaro described it as “the most generous home build scheme in the country”.
“HomeGrown Territory will help attract and retain our key workers and families by breaking down financial barriers to entering the housing market.
“This is about encouraging Territorians to put down roots and build a life in the Territory.
“It also signals to the rest of Australia that if you want to build your dream home, come to the Northern Territory.”
Treasurer Bill Yan said having a 12-month scheme would provide greater certainty around the application process, removing the fear of home buyers missing out on the grants.
He said the initiatives would stimulate construction and bring “much-needed” new supply to the market.
“HomeGrown Territory will get people out of the rental cycle and into home ownership. It will help rebuild the Territory’s reputation as a highly competitive place to live, work and raise a family,” Yan said.
Darwin currently has one of the lowest rental market vacancy rates in the country, sitting at just 0.93%, according to PropTrack.
An amendment to the First Home Owner Grant Act 2000 to implement the new program is expected to be introduced in the October parliamentary sittings, which starts on 15th October.
However, all applications received from 1st October will be honoured retrospective of legislation passing in November this year.
Both parties offered hefty first home buyer incentives well beyond the existing $10,000 offer. Incumbent Labor had pledged first home owners grants of $60,000
