CLP’s $50k home builders scheme opens next week

The ‘most generous home build scheme in the country’ will open in the Territory next week, offering grants of up to $50k to people wanting to put down roots in the NT.

Applications for the government’s key home buyers incentive scheme open next week, in what will be the biggest change to the Northern Territory’s housing market in decades.

The HomeGrown Territory program includes a HomeGrown Territory Grant of $50,000 for first home buyers to purchase or build a new home, or $10,000 to purchase an established home.

The program also includes a FreshStart New Home Grant of $30,000 for non-first home buyers, who may have already owned a property before, to purchase or build a new home.

There will be no cap on purchase or build price, and all successful applicants must live in their homes for at least a year.

Applications for the government’s HomeGrown Territory scheme will open next week. Picture: Glenn Campbell

The Country Liberal Party committed $20m to the scheme, but said it would reallocate more funding if needed.

Applications open on October 1 and the scheme will run for 12 months until September 30 next year.

Eligibility is for Australian citizens and permanent residents.

The home buyers scheme is the first major election commitment to be delivered after the CLP’s landslide victory last month.

Chief Minister Lia Finocchiaro said people wanting to build a home in the NT would now be able to access “the most generous home build scheme in the country”.

“HomeGrown Territory will help attract and retain our key workers and families by breaking down financial barriers to entering the housing market,” she said.

“This is about encouraging Territorians to put down roots and build a life in the Territory.

“It also signals to the rest of Australia that if you want to build your dream home, come to the Northern Territory.”

Ms Finocchiaro said her government would be glad to use up the entire $20 million set aside for the scheme.

“We have an ambitious target to double the number of first home that were built last year which sat at a record low of 144 (homes built),” she said.

“If we exceed that target that will be a fantastic problem to have and we’ll know the scheme is working.”

Additionally, Ms Finocchiaro confirmed first home buyers could cash-in on the scheme through any bank or broker of their choice.

Ms Finocchiaro says the scheme will “rebuild” the Territory’s reputation as a family-friendly environment. Picture: Harry Brill.

Treasurer Bill Yan said having a 12-month scheme would provide greater certainty around the application process, removing the fear of home buyers missing out on the grants.

“HomeGrown Territory will get people out of the rental cycle and into home ownership.

“It will help rebuild the Territory’s reputation as a highly competitive place to live, work and raise a family,” Mr Yan said.

“These initiatives will stimulate construction and bring much-needed new supply into the market.”

An amendment to the First Home Owner Grant Act 2000 to implement the new program is expected to be introduced in the October parliamentary sittings.

All applications received from October 1 will be honoured retrospectively despite legislation expected to pass in November.