New NT Housing Incentives
Chief Minister has announced a range of stamp duty concessions for the Territory market. This package now gives the Territory the most generous home owner incentives in Australia. The new incentives come into play from today but will not impact on current settlement negotiations. Legislation will take effect in a couple of months creating an official 'change date'.
But from today the following applies:
- First Home Buyers (those who have never purchased a home before anywhere) choosing to buy an Established Dwelling will now receive up to $18,601 in Stamp Duty concession plus a $10,000 Renovation Grant. It is a little more generous for those building a new home, who get a $30,000 Build Bonus, a $2000 Household Goods Grant and up to $18,601 in Stamp Duty Concession.
- Territory Home Buyer (people who have not owned a dwelling in the Territory in the past 24 months, including people moving to the Territory and Territorians who want to, or have returned to the Territory and have been renting for the past 24 months) - they will get up to $18,601 in Stamp Duty concessions if buying an Existing Dwelling, or if building new then in addition to the Stamp Duty concession a $20,000 Build Bonus.
- Current Territory Home Owner (Someone who owns a home in the Territory but wants to build a new one and change their Principal Place of Residence) there is $20,000 Build Bonus but no Stamp Duty concessions
- Senior, Pensioner and Carer & Concession Scheme, the $10,000 Stamp Duty concession remains in place.
- New Divorcee's - if you are a new divorcee you can take advantage of these programs and the 24 month non ownership period is waived.
Some caveats to this:
- All programs will be reviewed at the end of 2020
- The Build Bonus is a one-off payment to build or buy and NEW home. The scheme is capped at $12M, which means only 600 grants are available;
- For the Stamp Duty concession of $18,601 it means for homes
- valued up to $430,000 the buyer will pay no stamp duty,
- between $430,000 and $650,000 some stamp duty will be payable but it will be discounted by the $18,601, and
- over $650,000 no stamp duty concession is applied.
For more information, go to: https://firsthome.nt.gov.au/home