Treasurer
Minister for Logistics and Infrastructure
Minister for Housing Construction
Media Release Labor's home buyer cap locks out NT first home buyers
2 October 2025
The Finocchiaro CLP Government is calling on Federal Labor to urgently increase the restrictive $600,000 property cap set for first home buyers to $850,000 in the Northern Territory under their new low-deposit home loan scheme.
From 1 October 2025, first home buyers in the NT will be eligible to purchase a property with a 5 per cent deposit, but only if the purchase price falls below the federal threshold of $600,000.
Treasurer Bill Yan says the cap completely fails to reflect the reality of the NT housing market, particularly in Darwin.
"This is a senseless, one-size-fits-all policy that locks out young Territorians who've worked hard, saved up, and are ready to own a home," Mr Yan said.
"Darwin is a capital city with growing property prices, and yet we've been lumped in with caps similar to regional Tasmania and Norfolk Island. It's completely out of touch."
According to recent Proptrack data, Darwin's median house price sits nearly $40,000 above the threshold, meaning many new buyers will be forced out of the market, or into inferior housing options, despite being financially ready to purchase.
Their data also shows Darwin having the strongest annual home growth out of all the capital cities at 11.4%.
The Treasurer is calling upon the Commonwealth to increase the cap to $850,000, reflecting the average increase of price caps for Australia's other capital cities that rose by a medium of 42%.
"We've seen the strongest annual increase in prices for Darwin houses and yet the cap hasn't been raised by a dollar and Territory first home buyers are missing out," he said.
"At a time when the CLP Government is offering the most attractive home ownership incentives in the country, the Federal Government is turning its back on Territory first home buyers."
"With a simple change to the policy, and just a few strokes of the pen, Labor could lift the cap and unlock home ownership for more young Territorians, especially those wanting to start families," he said.
Mr Yan urged local Labor representatives to stand up for the NT and demand action from their federal counterparts.
"If Luke Gosling truly understands the needs of his community, he should be the first to call for an urgent change to this threshold."
The CLP Government continues to invest in housing and economic growth across the Territory and is urging the Federal Government to match this commitment by ensuring federal programs reflect the on-the-ground realities of the NT.
