Northern Territory Chief Minister Michael Gunner

New Territory Home Owner Bonus Announced

Victor P Taffa

Northern Territory Government has announced a new home ownership package which will make the Northern Territory’s home ownership incentives the most generous and broadest in Australia.

“Territory Government’s 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.” Chief Minister Michael Gunner said.

 

 

“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 Northern Territory homes.”

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 Northern Territory, while keeping generous incentives for first home owners and others purchasing an established home.

Suite of measures aims to retain current Territorians, while also growing our population through attractive incentives for those wishing to move to the Northern Territory.

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 Northern Territory home to live in (including Territorians who currently own a home) receive a generous construction grant between $20,000-$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 haven’t owned a home in the Northern Territory for at least 24 months.

This includes:

• First home buyers,
• People moving from interstate,
• Former Territorians returning to live in the Northern Territory,
• Territorians that are currently renting, but used to own a home,
• Recent divorcees (24-month requirement waived).

Significantly, the $2,000 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.