The NT Government has just announced an exciting opportunity to help Australian citizens and permanent residents turn that dream into a reality with the HomeGrown Territory Grant, offering first-home buyers a whopping $50,000 to build their first home! Whether you’re looking to build from the ground up, become an owner-builder, or snap up an off-the-plan property, this grant could be your chance out of the rental cycle and into homeownership.
Imagine the freedom of designing your perfect home or watching your new build take shape right here in the Territory! With no cap on the purchase price and the ability to start building soon with applications opening 1 October 2024, now is the perfect chance for first-time buyers to plant their roots and invest in a place of their own.
Plus, for those looking to purchase an already established home, there’s a $10,000 grant to help you step into your new house, townhouses or apartment. The time has never been better to secure your slice of the Territory with the dream of homeownership a little closer via this generous financial boost.
Keep reading for more details on how to apply and take that first step towards building your future. Applications open on 1 October 2024, so don’t wait!
PHOTO: Established Ludmilla Home For Sale with Evie Radonich & Andrew Harding Ray White Darwin
FIRST HOME BUYER BUILDING A HOME
The HomeGrown Territory Grant offers $50,000 for first-home buyers to put towards building their own home. This is also available to owner-builders and for off the plan purchases.
There is no cap on the build or purchase price.
To be eligible, applicants must:
- be a first-home buyer
- sign a contract to buy a home in the Territory between 1 October 2024 and 30 September 2025:
- it must not replace other contracts signed before 1 October 2024
- be a person and not a company or trustee
- have at least one person over the age of 18
- ensure one applicant is an Australian citizen or permanent resident
- live in the home for at least 12 months after taking possession of the property or once construction of the home is complete
- lodge their application by 31 December 2025.
*The HomeGrown Territory Grant cannot be used in conjunction with the Fresh Start New Home grant.
PHOTO: Bellamack Home For Sale with Bec Wescombe of Ray White Darwin
FIRST HOME BUYER PURCHASING AN ESTABLISHED HOME
The HomeGrown Territory Grant also offers $10,000 for first-home buyers to put towards the purchase of an established home.
This includes houses, townhouses and apartments.
There is no cap on the build or purchase price.
To be eligible, applicants must:
- be a first-home buyer
- sign a contract to buy a home in the Territory between 1 October 2024 and 30 September 2025:
- it must not replace other contracts signed before 1 October 2024
- be a person and not a company or trustee
- have at least one person over the age of 18
- ensure one applicant is an Australian citizen or permanent resident
- live in the home for at least 12 months after taking possession of the property or once construction of the home is complete
- lodge their application by 31 December 2025.
The HomeGrown Territory Grant cannot be used in conjunction with the Fresh Start New Home grant.
Applications open on 1 October 2024
PHOTO: Established Wagaman Home For Sale with Bec Wescombe and Andrew Harding of Ray White Darwin
IF YOU ALREADY OWN A PROPERTY
The Fresh Start New Home Grant offers $30,000 to purchase a new home or to build a new home.
It is available to applicants who are not first-home buyers.
It is also available to owner-builders and for off-the-plan purchases.
There is no cap on the build or purchase price.
To be eligible, applicants must:
- sign a contract to buy land and build a home in the Territory between 1 October 2024 and 30 September 2025:
- it must not replace other contracts signed before 1 October 2024
- be a person and not a company or trustee
- have at least one person over the age of 18
- ensure one applicant is an Australian citizen or permanent resident
- live in the home for at least 12 months after taking possession of the property or once construction of the home is complete
- lodge their application by 31 December 2025.
The Fresh Start New Home Grant cannot be used in conjunction with the HomeGrown Territory Grant.
Applications open on 1 October 2024.
LOW-DEPOSIT HOME LOANS
Through HomeBuild Access, you can also access low-deposit home loan options:
- for new-built homes
- to buy vacant land and build your own home.
Read more about HomeBuild Access
The NT Government has committed $20 million to the scheme and will reallocate more funding if required over the 12-month program.
An amendment to the First Home Owner Grant Act 2000 to implement the new program is expected to be introduced in the October parliamentary sittings which starts on 15 October.
However, to support Territorians wanting to access the scheme, all applications received from 1 October will be honoured retrospective of legislation passing in November this year.
Further information can be found here: https://nt.gov.au/property/home-owner-assistance
