The NT Government has launched a new bid to boost population with a new home ownership package it claims is the most generous and broadest in Australia.
It includes up to $50,601 for a first home owner building or buying a new home to live in, and up to $28,601 to buy an established home.
Commencing today, the package delivers increased incentives for anyone building or buying a new home in the NT, while keeping generous incentives for first home owners and others purchasing an established home.
The suite of measures aims to retain current Territorians, while also growing our population through attractive incentives for those wishing to move to the NT.
Key aspects of the package include:
Up to $50,601 for a first home owner building or buying a new home to live in, and up to $28,601 to buy an established home
A $12 million BuildBonus which will see the first 600 people to build a new NT home to live in (including Territorians who currently own a home) receive a generous construction grant between $20,000 to $30,000
A Territory Home Owner Discount up to $18,601 stamp duty concession for people buying or building a new or established home that they will live in, who haven’t owned a home in the NT for at least 24 months. This includes:
- First home buyers
- People moving from interstate
- Former Territorians returning to live in the NT
- Territorians that are currently renting, but used to own a home
- Recent divorcees (24 month requirement waived).
Significantly, the $2000 bonus for white goods (building a new home) and $10,000 renovation bonus (for first home owners buying an established home) will remain to support retailers and tradies.
Chief Minister Michael Gunner said: “Following the INPEX construction phase wind down there has been a drop in house prices – while this increased affordability it had a negative impact on our economic confidence. We have listened and we are providing incentives to encourage more people to build and buy NT homes.
“Our Home Owner scheme is the most generous in the country, which is a great incentive for people to move to the Territory. When someone owns a part of the Territory, they stay for longer.
“We are going through a tough economic period and our Government is doing everything it can to support business and create local jobs.”
The Labor Government’s announcement around its so-called Territory Home Owner Bonus raises more questions about its fiscal approach.
Opposition leader Gary Higgins said while the Opposition welcomed the shift of focus onto new builds, there are niggling aspects to the generous concessions being offered.
“Government is belatedly acting on what industry has been telling everyone – that the new build sector is bleak,” Mr Higgins said.
“New build figures are the lowest since records began and the construction sector in 2019 is half of what it was in 2016.
“We acknowledge this may help, in some way, the sector and first home owners but we would like to know how much this new scheme will cost taxpayers and under what modelling and assumptions has it been designed?
“How is it consistent with belt tightening in light of the fiscal crisis? And we’ve still not heard from anyone in the Government about what savings they are looking at.
“What savings have they identified for this financial year and the outer years? How is the government reining in their spending?
“The ‘just trust me’ approach does not cut it.”
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