HomeBuilder grants program extended until March

MORE Territorians will have access to financial assistance to build their own home with the NT Government announcing today that the BuildBonus grant has been extended

Kate Johnson was a beneficiary of the BuildBonus program, buying her first house in Zuccoli, Darwin at just 21. Picture: Che Chorley.

• Nearly half of 600 BuildBonus grants taken up by Territory home buyers in 17 months
• HomeBuilder extension could create 6000 NT construction jobs, says industry association

MORE Territorians will have access to financial assistance to build their own home with the NT Government announcing today that the BuildBonus grant has been extended.

The scheme, which was introduced in February 2019, was originally capped at 600 applicants, with the cap now lifted and extended to March 31, 2021.

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People who apply before the end of 2020 are eligible for grants of up to $20,000 and those who apply from January 1, 2021 will be eligible for up to $12,000 in funding.

The extension has been modelled off the Federal Government’s decision to continue its HomeBuilder program to the same date, with the same reduction in grants funding.

BuildBonus was introduced as an economic stimulus package for the construction sector, which and aims to encourage others from interstate to relocate and set up life in the NT.

Since the scheme was introduced, 500 grants have been paid and a further 140 applications being processed.

By the end of 2020 it is expected that a total of $12.8 million will be issues in grants and $250 million will be generated into the local economy.

Combining both the Federal; and Territory Government’s home building schemes, Territorians will be eligible for a total of $27,000 in grants from January 1, 2021.

First homeowners will also be able to apply for the $10,000 First Home Owners Grant. Additionally, the Territory Homeowner discount stamp duty concession on homes up to a value of $650,000 is available until June 30, 2021.

Chief Minister Michael Gunner said the extension aims to help local tradies and the Territory economy in the recovery phase from COVID-19.

“BuildBonus has already generated millions into the Territory economy, and its extension will ensure there’s plenty more in the pipeline heading into the New Year.”

He said the grants also hope to take advantage of the current surge in the NT real estate market.

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“Residents are choosing to stay longer, and more are making the move to the Territory – so we need to capitalise on this important opportunity and make the Territory the best place in the country to build and own a home.”