The CLP Government is delivering on its promise to rebuild the economy with a milestone 100 applications to its HomeGrown Territory grants scheme since launching on 1 October.
Of the HomeGrown Territory grant applications:
· 12 have been paid
· 22 have been approved
· 25 are currently under assessment; and
· 41 applications are in draft and continue to progress.
Treasury estimates the 12-month program will support up to 650 new home builds, 414 jobs and will increase Gross State Product by about $197 million.
Chief Minister Lia Finocchiaro said the early success of the scheme was testament to the improved confidence in the economy and liveability of the Territory following eight years under Labor.
"Territorians gave us a mandate to reduce crime, rebuild the economy and restore lifestyle and we are getting on with the job," she said.
"The CLP's HomeGrown Territory grants are key to our plan to rebuild the economy by stimulating economic activity within the construction industry.
"It's also about helping Territorians achieve their dream of home ownership and supporting them in building a life here in the Territory.
"These grants are the most generous in the country and will ensure we're able to attract and retain our key workers by supporting them entering the housing market."
The HomeGrown Territory program includes $50,000 for first home buyers to purchase or build a new home, or $10,000 to purchase an established home.
It 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.
Treasurer Bill Yan said the scheme was the lifeline the construction industry and Territory economy needed.
"Following years of decline in the housing construction industry, the Territory is now the place to build," he said.
"The $20 million budget by the CLP Government to deliver the 12-month scheme provides confidence to those looking to buy or build while providing confidence and surety to the local construction industry.
"We have been very clear in our plans on how we're going to rebuild the economy while restoring the Territory as a highly competitive place to live, work and raise a family."
Manager of New Home Sales at Territory construction company, Abode New Homes, Jacob Gill, said the industry had seen a marked increase in Territorians interested in building a home in the NT since the announcement of the HomeGrown Territory grants.
"We've had a really diverse range of inquiries, including first-time buyers looking to build their first home, as well as second and even third-time homeowners, which has been really good to see," said Mr Gill.
"Since the scheme launched there's been a real buzz. A single new-home construction stimulates a heap of different local businesses including trades and suppliers.
"We're really excited and hopeful for the times ahead. There are a lot of options to build your dream home with the current land developments, and new ones becoming available soon, which are now even more accessible through this scheme.
"The HomeGrown program is an amazing opportunity for anyone looking to enter the market and we urge everyone to take advantage of this if they can."
