NT government announces $20 million housing scheme

Today, a $20 Million grant scheme for new homeowners “This scheme was deliberately designed to grow our population and secure more Territorians here in the territory. it's a fantastic incentive to give people more reasons to put down roots.” 50-thousand-dollar grants for first home buyers to purchase or build a new home. $10,000 for those purchasing an established home and $30,000 for non-first-time buyers, who want to build a new home. “Construction prices as we know have increased since covid and it's harder for first time buyers to get into the marketplace, so for them to have that $50,000 contribute towards a new home that will really help them” Currently, Plots are available in Zuccoli and Lee Point in the top end, and Kilgariff in central Australia, but there could soon be more. “There are titled lots right across the northern territory right now, with more development taking place, which will not only stimulate growth in our economy which we so desperately need, but also secure our people here and grow the population.” The grants cannot be used as a deposit which may be a barrier to getting a foot in the door. And despite plenty of customer interest industry workers have questions. “It will be interesting to see when the money's coming and how the money's coming. is it coming towards the start of the purchase of the land? Is it coming towards the purchase of the construction, or will they get it right at the very end of the construction?” They're also suggesting a 600,000purchase or build price cap... to ensure first time buyers get a fair go. “If they are competing with someone who has purchased multiple properties it just becomes really hard with supply and demand in the market. Having that property price cap is important to them so they can take advantage of all the schemes in the market.” The devil in the detail, with the government promising full terms and conditions on Tuesday.