The CLP's nation-leading HomeGrown Territory grants housing stimulus program has been passed in Parliament today.
Treasurer Bill Yan MLA said the program was working to stimulate activity across the construction industry with more than $1.5 million paid in grants, helping Territorians achieve their home ownership dreams.
The HomeGrown Territory grants, which provide first home buyers with up to $50,000 in grants, a key election commitment of the CLP Government to rebuild the economy, and restore the Territory's iconic lifestyle.
"Territorians gave us a mandate to fix Labor's mess and the success of the HomeGrown grants scheme is proof we are delivering for Territorians," said Mr Yan.
Launched on 1 October 2024, the HomeGrown Territory grants are the most generous housing stimulus packages in Australia with the scheme receiving 165 applications to date.
Of these HomeGrown Territory grants applications:
· 90 grant applications have been paid or approved;
· 27 are currently under assessment; and
· 48 applications are in draft and continue to progress.
"This stimulus package program is the injection the Territory needed," said Mr Yan.
"Under eight years of Labor, building approvals declined by 65 per cent, to all-time record lows of 580 last financial year, while the NT's home ownership rate also fell the lowest in the nation.
"The number of first homeowner grants issued under the Labor scheme also declined, with 144 grants approved in 2022-23 and just 32 grants approved from July 2023 to December 2023.
"Under this CLP government, confidence in the Territory's economy is improving and we working to ensure people put down roots right here in the Territory."
The HomeGrown Territory program includes a HomeGrown Territory Grant of $50,000 for first home buyers to purchase or build a new home, or $10,000 to purchase an established home.
In a first for the Territory, the program also includes a FreshStart New Home Grant of $30,000 for non-first home buyers, who may have already owned a property before, to purchase or build a new home.
