First Home Buyers Grant Northern Territory (NT)
THE First Home Buyer Grant was introduced by the Australian Government in 2000 to compensate first home buyers for the cost disadvantage they found they were experiencing following the introduction of the Goods and Services Tax (GST).
It is a grant of $7,000 available to all first home buyers who are eligible to receive it and it is administered by the various state and territory governments. The grant is not means tested nor are the proceeds taxable.
Because of the First Home Buyer Grant being administered by the different state and territory governments there is some variation in the other concession schemes offered by those authorities and some variation in eligibility. Following is a rundown of the First Home Buyers Grant as it applies to residents of the Northern Territory.
First Home Buyers Grant Northern Territory (NT) – NT concessions.
First home buyers in the Northern Territory are offered a stamp duty concession scheme that compliments the benefit of the First home Buyer Grant.
The benefits deriving from this concession scheme are:
- A $26,730 stamp duty concession on the first $540,000 of a home purchase price.
- This concession is capped at a property value of $750,000 and $385,000 for vacant land.
First Home Buyers Grant Northern Territory (NT) - Building requirements.
The grant is applicable to the following new or established buildings:
- House
- Unit
- Flat
- Apartment
- Town house
- Any other building specifically built for residential living that complies with all necessary government building standards.
The residence must be used as the applicants principal place of residence and to be lived in as such for not less than six months within the first 12 months of completion or purchase.
First Home Buyers Grant Northern Territory (NT) – Eligibility.
- Be an Australian citizen or a permanent resident of Australia.
- 18 years of age or older.
- A ‘natural’ person (not a company or trust).
- Not to have owned another house anywhere else in Australia either with another person or by yourself before July 1, 2000.
- Not to have owned a residential property anywhere in Australia for more than six months on or later than July 1, 2000.
- The contract to purchase or the beginning of construction to have taken place on or after July 1, 2000.
- Must be the first application for the grant unless any previous grant has been fully repaid.
- You, the applicant, or your partner must occupy the home as your main place of abode for at least six months within the first 12 months of purchase or from the signing of the contract to purchase.
First Home Owners Grant Northern Territory (NT) – How to apply.
Application for the grant can be made directly to the Territory Revenue Office or through an approved agent. An approved agent being an approved bank, building society, credit union or other like lending authority.
If the approved agent is the lending authority from which you are organizing your loan the grant can be paid upon settlement at which time the funds can be used to pay costs and fees associated with the purchase.
First Home Owners Grant Northern Territory (NT) - Homestart NT.
The Northern Territory Government funds a Homestart NT housing loan scheme designed to assist Territorians who:
- Don’t own their own house
- Are first home buyers or…
- Have previously owned a home but presently don’t and wish to start afresh.
The Homestart NT scheme consists of three components:
- A low deposit loan to assist low and middle income earners known as the Homestart NT Standard Variable Loan.
- A shared equity loan which is a partnership agreement between the government and the purchaser designed for low to middle income earners. Known as the Homestart NT Shared equity Loan.
- A fee assistance package to assist low to middle income earners pay stamp duty, deposit and up to $1,500 in whitegoods. Known as the Homestart NT Fee Assistance Loan.
If you wish to know more about first home buyer initiatives in the Northern Territory please feel free to contact us at any time.
Mortgage Broker Finder can assist first home buyers looking for the best home loans by providing details of all registered mortgage brokers throughout the Northern Territory. Follow the safe links listed below to access details of brokers listed in the different regions of the NT
Related posts:
- First Home Buyers Grant Western Australia (WA)
- Eligibility for first home buyers grant
- First Home Buyers Grant New South Wales (NSW)
- First Home Buyers Grant Queensland (QLD)
- First Home Buyers Grant WA
- First Home Buyers Grant South Australia
- First Home Owners Grant – Australian Capital Territory
- First Home Buyers Grant Tasmania (TAS)
- Eligibility Criteria First Home Owner Grant (NT)
- First Home Owners Grant (ACT)
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