The NT Government has announced an extension of the successful $10,000 Home Renovation Grant, for first homeowners for an additional two years.
The grant, which was introduced by the NT Government in September 2016 along with the reintroduction of the First Home Owner Stamp Duty Discount, entitles eligible first home owners to $10,000 for home renovations, including $2000 which can be spent on household goods, to be spent with local providers and suppliers.
More than 1500 people have bought their first homes since the Stamp Duty Discount was introduced, with almost 80 per cent of those taking advantage of the renovation grant.
The extension of the Home Renovation Grant and continuation of the Stamp Duty Discount for first homeowners supports Government’s Population Growth Strategy, with the incentive widely regarded as one of the best in Australia.
75 per cent of applicants have reported that without the Stamp Duty Discount and Home Renovation Grant, they would not have purchased a home in the Territory at this time.
The grant also supports local small businesses, including tradies, suppliers and the real estate sector.
The estimated economic impact of the Home Renovation Grant program to date is $21.2 million.
Chief Minister Michael Gunner said: “Creating local jobs is the number one priority for the Territory Labor Government, and growing our population is a critical part of that.
“These two highly successful initiatives – the First Home Owner Stamp Duty Discount and $10 000 Home Renovation Grant – go to the core of Government’s work, providing a stimulus for business and encouraging more people to make their home in the Territory.
“Our Stamp Duty Discount is one of the most generous in the country, and that is a key incentive for people who want to get into the property market.
“Giving people a head start on home ownership and home renovations while supporting local businesses, suppliers and industry is a win win for all Territorians.”