Northern Territory homeowners receive funding boost
First time buyers in the Northern Territory have received added motivation to get their foot on the property ladder with the extension of housing incentives, announced on June 29.
The BuildBonus grant of $10,000, designed to assist people in buying a house in the Northern Territory, has been extended until December 31.
Treasurer Delia Lawrie commented: "The territory's strong economy means strong demand for housing, and the territory government is meeting the challenges of growth with record land release and generous support for homebuyers.
"Whether it is your first home or an investment property, BuildBonus provides a one-off, $10,000 grant to all homebuyers purchasing or building a new home to the value of $600,000."
As well as added incentives for those looking to purchase property in the region, the BuildBonus extension will stimulate the construction sector and boost the territory's economy.
The home ownership initiative, which is complemented by stamp duty concessions and no land tax, will also improve rental housing availability across the region.
Ms Lawrie said there was ready land available to purchase in Palmerston as well as significant land vacant for development in Darwin.