Chief Minister and Treasurer share progress on homeowner grants scheme

Hundreds of Territorians are one step closer to home ownership through the enthusiastic take up of the CLP’s generous homeowner grants scheme. Read the details.

Chief Minister Lia Finocchiaro and Treasurer Bill Yan spoke with new homeowner Roshan Sapkota outside his residence in Lee Point. Picture: Darcy Fitzgerald

The CLP’s generous homeowners grant has been enthusiastically taken up, with 323 applications received since October 1 last year.

The grants range from $10,000 to $50,000 and aim to stimulate the construction industry and grow the Northern Territory’s population.

Fifty-six applications have been received for the $50,000 grant for building or buying a new home, with 47 applications approved, three progressed and six paid out.

On the first measure, Treasurer Bill Yan said the current $2.69 million investment had proved successful.

“We have already seen a marked improvement in residential building approvals in the Territory,” Mr Yan said.

Residential building applications are up. Picture: Glenn Campbell

“We ended the year with an increase of 24.2 per cent — well above the national average of 11.2 per cent.”

Mr Yan predicted the grant would significantly grow the Territory economy to the tune of $197 million through the 650 new home builds and 414 jobs created.

“This absolutely confirms the ship is changing course, and our HomeGrown Territory grants program is delivering positive change to our economy,” he said.

This new-build was purchased with assistance from the homeowners grant. Picture: Darcy Fitzgerald

One obstacle to the grant’s success is the supply of builders and tradespeople, which Mr Yan described as a “perennial problem across the country”.

Mr Yan said the CLP’s change in payroll tax would attract more small businesses — including tradespeople — to set up in the Territory, leading to a greater supply of workers.

“Our changes in the income tax threshold has made the Territory the best place in Australia to do business for small and medium businesses.”

Chief Minister Lia Finocchiaro said the grant would encourage more people to commit to the Territory through home ownership.

This was the case for Roshan Sapkota and his partner Sushma.

Chief Minister Lia Finocchiaro and Treasurer Bill Yan spoke about the CLP's homeowner grant at a residence in Lee Point. Picture: Darcy Fitzgerald

“We always wanted to make the Territory our home, but we found it difficult to achieve homeownership which is really important to us,” Mr Sapkota said.

“This grant has changed that.”

The impact the grants have had on the second measure — growing the Territory’s population — is yet to be seen.

Mr Yan said there had been “some movement” from interstate, including a “couple of applications”.

Migration data from June 2024 — before the grants were in place — showed net interstate migration was shrinking in the Territory, with the largest growth factor being international migration.

Ms Finocchiaro hoped the scheme would encourage transient Territorians to establish themselves here.

“Through these 323 applications, we’re able to support the dreams and aspirations of everyday Territorians to put down roots and make a life here in the Territory,” Ms Finocchiaro said.

Originally published as Chief Minister and Treasurer share progress on homeowner grants scheme