Nearly half of 600 BuildBonus grants taken up by Territory home buyers in 17 months

NEW Territory home buyers have chomped through a little more than half of the money available in the BuildBonus government scheme since it was introduced 17 months ago

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

NEW Territory home buyers have chomped through a little more than half of the money available in the BuildBonus government scheme since it was introduced 17 months ago.

The NT Government has approved 344 BuildBonus grants, with another 16 pending approval.

BuildBonus, introduced in February 2019, provides grants of $20,000 to Territorians looking to buy or build a new home.

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Public servant Kate Johnson, 21, moved into her new home at Zuccoli just a few weeks ago.

“As a young Territorian I wouldn’t have been able to (build a home) as soon as I have,” she said.

“(The grant) pushed me to do it now, rather than in the five years that it would take me to save up that additional $20,000.”

Kate Johnson was a beneficiary of the BuildBonus program, buying her first house in Zuccoli, Darwin at just 21. Picture: Kate is pictured with her two dogs Ollie and Bentley three weeks after moving in to her new home. Picture: Che Chorley

The total number of BuildBonus grants will be capped at 600.

BuildBonus was part of a three-pronged strategy, alongside the NT’s stamp duty discount scheme and first home-owner grant, designed to help more Territorians crack the housing market while supporting local construction jobs.

A total of 1491 Territory home-owner discounts, which provides a stamp duty concession of up to $18,601 for people purchasing or building their first new or ­established home in the Territory, not just limited to first homebuyers, have been approved since February last year.

A total of 309 first home-owner grants, which provide a $10,000 grant to first homebuyers purchasing or building a new home, have been approved in the same time frame.

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The most popular areas to build, as per BuildBonus approvals so far, are Zuccoli, Muirhead, Berrimah and Kilgariff.