The Territory Labor Government’s BuildBonus grant has generated more than $200 million into the local economy since it was introduced.
The scheme has helped hundreds of Territorians realise their dream of building their own home, as well as keeping local tradies on the tools throughout the COVID-19 crisis.
From March 2019 to December 2020:
– Over 720 applications were received
– More than 550 grants have been approved
– $11 million in grants have been paid
– Over $220 million in building activity is estimated to have been generated as a result of works
The final quarter of 2020 saw a surge in applications for BuildBonus, with 67 submitted in October, 128 in November, and 76 in December.
The month of November also saw the Territory record an almost 60 per cent increase in the number of residential building approvals compared to the month before.
This boost also positioned the Territory ahead of the nation, with the NT measuring the largest year-on-year increase, up more than 18 per cent.
Home builders were eligible to access a BuildBonus grant of $20,000 up until 31 December 2020.
The scheme has since been extended to 31 March 2021, with Territorians able to secure a $12,000 grant.
The extension was modelled off the Federal Government’s decision to continue its Homebuilder program to the same date, with a matched reduction in grants funding.
So far, there have been 7 BuildBonus applications in 2021.
Quotes attributable to Chief Minister, Michael Gunner:
“This grant has helped so many Territorians build their nest and make a break into the real estate market.
“It’s also kept tradies in work along the way, with plenty more jobs to flow this year.
“People are choosing to stay longer in the Territory, and more people are moving and choosing to call it home.
“The Territory’s real estate market is booming for the first time in years, and we want to capitalise on this opportunity and make the Territory the best place to build and own a home.”
Quotes attributable to the Minister for Infrastructure, Planning and Logistics, Eva Lawler:
“The great take up of the scheme we saw in late 2020 means there will be plenty of work in the pipeline for Territory tradies this year.
“The extension of this grant will also keep jobs flowing in the construction industry, and help more Territorians realise their dream of building and owning their own home.
“This government has done whatever it takes to keep Territorians safe and in jobs throughout the pandemic.”