The Territory Labor Government has announced a new home ownership package which will make the NTs home ownership incentives the most generous and broadest in Australia.
The Territory Home Owner Bonus will create local construction jobs, build our population and support first home owners by increasing eligibility for people to own their own home in the Northern Territory.
Commencing today, the package delivers increased incentives for anyone building or buying a new home in the NT, while keeping generous incentives for first home owners and others purchasing an established home.
The suite of measures aims to retain current Territorians, while also growing our population through attractive incentives for those wishing to move to the NT.
Key aspects of the package include:
Up to $50,601 for a first home owner building or buying a new home to live in, and up to $28,601 to buy an established home
A $12 million BuildBonus which will see the first 600 people to build a new NT home to live in (including Territorians who currently own a home) receive a generous construction grant between $20 000 to $30,000
A Territory Home Owner Discount up to $18, 601 stamp duty concession for people buying or building a new or established home that they will live in, who havent owned a home in the NT for at least 24 months. This includes:
First home buyers
People moving from interstate
Former Territorians returning to live in the NT
Territorians that are currently renting, but used to own a home
Recent divorcees (24 month requirement waived).
Significantly, the $2000 bonus for white goods (building a new home) and $10,000 renovation bonus (for first home owners buying an established home) will remain to support retailers and tradies.
To see how the Territory Home Owner Bonus can benefit you, please see attached.
As noted by Chief Minister Michael Gunner:
The Territory Labor Governments number one priority is to create local jobs by releasing a targeted Territory Home Owner Bonus we will do that and also build our population.
Following the INPEX construction phase wind down there has been a drop in house prices while this increased affordability it had a negative impact on our economic confidence. We have listened and we are providing incentives to encourage more people to build and buy NT homes.
Our Home Owner scheme is the most generous in the country, which is a great incentive for people to move to the Territory. When someone owns a part of the Territory, they stay for longer.
We are going through a tough economic period and our Government is doing everything it can to support business and create local jobs.