First Home Owners Grant NT
The tightness of accommodation in the Northern Territory will keep house prices high when compared to other similar sized city’s elsewhere in the country. Once a country backwater, Darwin is still coming into its own as a legitimate capital city and if the present move towards statehood is successful it will give it that extra confidence edge once achieved.
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The completion of the railway from Adelaide to Darwin has also been a tourist boost to an already favourite destination for many retirees, but all this constant influx of people has put a strain on the limited space set aside for housing generally. The importance of first home buyers to the Northern Territory economy has been recognized by the government and some very generous schemes have been put in place to supplement the First Home Owners Grant NT in an effort to encourage home ownership. This includes the waiving of having to pay stamp duty on a home valued up to $540,000 and further concessions allowed up to $750,000.
The First Home Owners Grant NT was introduced to first home buyers in the Northern Territory on July 1, 2000. It was in effect a compensation package to help soften the impact of the Goods and Services Tax (GST) that was launched at the same time. It was feared at the time that if no assistance was given to first home buyers to help overcome the increased costs of buying a home because of the GST, a sufficient number of them may decide not to purchase. This, it was believed, might push the building industry into a depressed state, something the government of the day was not going to risk. The initial grant given was $7,000, the same as that still being offered today.
Although the First Home Owners Grant NT is funded by the Australian Government it is administered by the government of Northern Territory through the Northern Territory Revenue Office. This has allowed the Northern territory Government to supplement the grant with incentives of its own but use the eligibility criteria of the First Home Owners Grant for both packages. The main points of eligibility being the following:
• You have to be 18 years of age or more and an Australian citizen, or a person with permanent Australian residency granted to them, who has lived in Australia for at least six months.
• You must not have owned property anywhere in Australia previously, neither must your spouse or domestic partner of any gender, whether they have any interest in this particular purchase or not.
• If you are buying the property in conjunction with others, none of the other parties must have owned property elsewhere in Australia before either.
• You must not have made application for the grant on any other occasion.
• You must also be willing to live in the property for a least six months during the first 12 months following settlement, or in the case of those first home buyers building their first home, from the finish of construction.
• The home must be valued no more than $750,000 and it must comply with all the necessary Northern Territory building regulations and be legally habitable. In other words the home being purchased must be either a stand alone house, flat, unit, apartment or town house.
How to Apply for the First Home Owner Grant in NT
Application for the First Home Owner Grant NT can be made directly to the Northern Territory Revenue Office, or through your mortgage broker or lender, if the lender is an authorised agent able to receive it. It has been found that first home buyers who do forward their application for the grant through a mortgage broker, or an authorised agent, have their claim processed faster than those who deal directly with the Revenue Office. It is important not to make a mistake in the claim as well as have all the supporting documentation attached, otherwise it will be returned un-processed and you will have to start from scratch again. If you happen to miss making application at this early stage you will still have up to 12 months following settlement or the completion of building to do so. Even then the Commissioner can extend this time limit even further under certain circumstances.
When is the grant paid?
Your claim for the First Home Owners Grant NT is normally approved by the time of settlement or in the case of those first home buyers building their first home, by the time the first scheduled, or progress payment is due from your lender in compliance with the terms and conditions of your construction loan.
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Related posts:
- First Home Owners Grant (ACT)
- First Home Buyers Grant Northern Territory (NT)
- How to apply for first home owners grant
- Can I Apply for the First Home Owners Grant if I Have Previously Owned a Property Which Was Then Sold?
- First Home Owners Grant FAQ
- 10 Essential Facts About The First Home Owner Grant
- How to Apply for the First Home Owners Grant in South Australia (SA)
- First Home Owners Grant (WA)
- First Home Owners Grant Eligibility requirements NSW
- First Home Owners Grant Frequently Asked Questions (VIC)
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