NT Property Grants and Assistance Packages

Updated 26 August 2020

The federal government has announced a new mandatory code of conduct, in relation to SME Commercial Leasing Principles during COVID-19.  Read the code here.

Also, at the April board meeting of Reserve Bank of Australia, interest rates were left at the hirostical low of 0.25%.  Which means borrowing money has never been cheaper.

There have been numerous Territory and Federal stimulus packages announced.  Here is a list of those that may apply to you:

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HomeBuilder Grants now available in the NT

The HomeBuilder Grant is funded by the Australian Government and administered in the Northern Territory by the Territory Revenue Office. HomeBuilder is a grant of $25,000 for Territorians who buy or build a new home, or who substantially renovate an existing home.

AT A GLANCE
New Builds

• The HomeBuilder Grant is in addition to BuildBonus, which was introduced by the Northern Territory Government in 2019. 
• HomeBuilder is subject to eligibility criteria.
• The grant is available to Territorians regardless of prior ownership, including first home buyers.
• A new home is one that has never previously been lived in or sold as a place of residence.
• You must have entered into a contract to build or buy a new home between 4 June and 31 December 2020 and construction must have started on or after 4 June 2020.

Renovations

• Contract must be between $150,000 and $750,000 inclusive
• Market value of the existing property, pre-renovation, is no more than $1,500,000
• The renovations will substantially alter the existing property, and improve the accessibility, safety or livability of the home.

DETAILS
Details are available HERE, including documents you will need to complete, in full, and submit to the Territory Revenue Office.
You can also get details on the scheme from the Federal Treasury site HERE.

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Home Improvement Plan

This includes interstate landlords.The scheme operates on a voucher system, with homeowners receiving either:

• A voucher worth $4,000 if they contribute at least $1,000 of their own money, or
• A voucher worth $6,000 if they contribute at least $2,000 of their own money.

Here's a link to the other COVID-19 stimulus packages (not property related):

• Federal Government
• NT Government

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Existing Grants for Buyers

 

NT First Home Owners Grant (FHOG)

• If you are buying or building a new home, you can apply for a grant of $10,000.

BuildBonus Grant

• You may also be eligible for the BuildBonus grant
• The BuildBonus is here to help you build your new home in the Northern Territory.
• BuildBonus was introduced in February 2019 to help Territorians fulfil their dream of building their new home.
• If you are buying or building a new home you can apply for a grant of $20,000.
• This grant is limited to the first 600 applications.

 

 

Territory Home Owner Discount

• If you are buying an established home, a new home or land to build a new home in the Northern Territory (NT), you may be able to get up to $18,601 off stamp duty.
• The home must be your principal place of residence.

First Home Loan Deposit Scheme (FHLDS)

• The FHLDS allows first home owners to have their loan guaranteed by the Federal Government so they can purchase a home with a deposit as small as 5% (lender’s criteria apply).
• Eligible first home buyers are able to obtain an eligible loan to purchase an eligible property through a participating lender with up to 15 per cent of the value of the property guaranteed by NHFIC.

We’ll continue to keep abreast of any new stimulus packages that may apply to you and your investment.

Absolute Real Estate
08 8930 6600
hello@absolutent.com.au