The housing market can present a number of challenges for people who want to purchase a new home. Whether you are struggling to get on the Northern Territory property ladder, or are a homeowner wanting to purchase a new house, knowing where to get help is important. Ideally you will want to do everything that you can to relieve the financial burden associated with purchasing property, which includes taking advantage of available government programs.
Homeowner incentives were created to remove some of the hurdles that buyers face. If you are planning on investing in a new property, make sure to check if you can benefit from one of the Northern Territory homeowner incentives. The savings can make all the difference and increase your chances of finding the ideal property for you, at the right price. There is an incentive for almost every need, so make sure to read all the information on each incentive to see if you qualify to apply.
First time buyers often struggle to afford the type of home that they need, let alone the property of their dreams. Homeowner incentives can make all the difference, with a range of options available that are specifically designed to support those buying their first home. You can receive a grant of $26,000 for buying a property that has never been previously lived in or if you are planning on building your own new property. Alternatively, you can receive up to $23,928.60 off your stamp duty on your first home, for properties that are valued up to $650,000. There is also help available to new homeowners through the first home owner discount which allows for up to $10,000 renovations via a grant.
Low and middle income buyers can benefit from programs such as the Home Buyer Initiative and HomeBuild Access. The former applies to properties on designated lots and there are also minimum earning and other qualifying requirements. So long as your earnings fall below the required threshold and you meet all the other conditions of application, you can pursue properties on the scheme. The property list is updated as new properties are made available, so if you miss out on a property or area that you want, you still have the option of waiting for new lots to get added to the scheme.
The latter is similar, in that the scheme is designed to make affordable housing available to those who may not earn enough to compete in the traditional market. There is also good news for homeowners who are looking to move or have previously owned a house. In the Northern Territory, homeowners are entitled to apply for $7,000 towards stamp duty to help offset the cost of building or purchasing a new property. Lastly, seniors, pensioners and even carers are able to avail of a sizeable windfall via a potential $10,000 in stamp duty relief.
Applying for Incentives
Each incentive has qualifying requirements that homeowners must meet. The full breakdown for each incentive is available from the NT.GOV.AU Website. It is important to read any accompanying guidelines and make sure you have all the necessary documentation when making your application.
If you are planning on building or buying a home and would like to save as much as possible, professional building inspections can help. Having construction work, whether on a new build or renovation, checked at every stage increases the likelihood of identifying defects. Houspect provides services to existing homeowners and those who are taking the first step on the property ladder. Call our Northern Territory offices today on 1300 258 789 if you would like to learn more.