HomeGrown Territory grant scheme to be extended to boost construction industry

The Territory construction industry have been promised a further stimulus. Read what it is.

The Territory construction industry have been promised a further stimulus with the $30,000 and $50,000 home builder grants to be extended until 30 September 2026

The Territory construction industry have been promised a further stimulus with the $30,000 and $50,000 home builder grants to be extended until 30 September 2026.

Treasurer Bill Yan made the commitment was made at today’s at Master Builders NT and NT Chamber of Commerce Treasurer’s Budget Luncheon,

The $10,000 grant for buying an established home will cease as scheduled at the end of September this year.

The $50,000 grant is for first home buyers building or buying a new home.

The FreshStart new home grant offers $30,000 to purchase a new home or to build a new home to live in if you are not a first homeowner.

Both grants are also available to owner-builders and for off-the-plan purchases.

Mr Yan told the lunch that the extension to the $30,000 and $50,000 HomeGrown grants was aimed at creating more work for the housing construction sector.

Northern Territory Chief Minister Lia Finocchiaro and Treasurer Bill Yan. Picture: Fia Walsh.

Master Builders NT president Neil Sunners welcomed the extension of the grants.

“The multiplier impact on the economy in relation to construction is 1.7 so each construction dollar spent spins far and wide across the Northern Territory economy,” he said.

“Master Builders NT welcomes the extension of the homebuilder grants that will further encourage new home builds.

“It will provide a wider impact in relation to supporting local builders, providing local jobs and more broadly population growth.”

Since the HomeGrown Territory grant scheme launched eight months ago more than $7.2 million in grants have been paid out to 472 recipients.

Of these, 55 have been for the $50,000 grant, 11 for the $30,000 grant and 399 for the $10,000 grant.

A further 118 applications have been approved and are awaiting to be paid.

Building approvals are up 48.6% over the year to March, the second strongest growth in the nation.

Herron Todd White property valuer Peter Nichols, has described the grants as a great incentive for first home builders and a helping hand to people looking at getting into their first property.

Mr Yan said the HomeGrown scheme is the most generous in the country.

“This has been proven by the success of the scheme in its first seven months,” he said.

“The cost of housing has made home ownership feel out of reach for many people and these grants help improve affordability for those wanting to set up roots in the Territory.

“We also promised we would rebuild the economy, and the extension of these grants will lead to increased housing construction activity which is critically important.”

Mr Yan also pointed to the most recent CommSec State of the States report showing construction work in the NT was up 13.2 per cent year-on-year.

He attributed this to the grants.

Originally published as HomeGrown Territory grant scheme to be extended to boost construction industry