The Finocchiaro CLP Government's nation-leading HomeGrown Territory grants will be extended for one year given the scheme's extraordinary success since it launched last year.
Announced at today's Master Builders NT and NT Chamber of Commerce Treasurer's Budget Luncheon, Treasurer Bill Yan revealed the $30,000 and $50,000 home builder grants would be extended until 30 September 2026.
The $50,000 grant is for first home buyers building or buying a new home.
The FreshStart new home grant offers $30,000 to purchase a new home or to build a new home to live in if you are not a first homeowner.
Both grants are also available to owner-builders and for off-the-plan purchases.
Mr Yan said the extension to the $30,000 and $50,000 HomeGrown grants would lead to more work for the housing construction sector.
"Along with our payroll tax reforms, our HomeGrown scheme is the most generous in the country and this has been proven by the success of the scheme in its first seven months," he said.
"The cost of housing has made home ownership feel out of reach for many people and these grants help improve affordability for those wanting to set up roots in the Territory.
"Our government promised 2025 would be a year of action, certainty and security and that's what we are delivering through extending our $30,000 and $50,000 grants.
"We also promised we would rebuild the economy, and the extension of these grants will lead to increased housing construction activity which is critically important.
"Building approvals are up 48.6% over the year to March, the second strongest growth in the nation, and much of that can be attributed to the success of these grants. We expect to see this flow through to construction activity in the coming months."
The HomeGrown scheme was a key CLP commitment leading up to the 2024 Northern Territory election.
President of Master Builders NT, Neil Sunners, said: "The multiplier impact on the economy in relation to construction is 1.7 so each construction dollar spent spins far and wide across the Northern Territory economy."
"Master Builders NT welcomes the extension of the homebuilder grants that will further encourage new home builds and provide a wider impact in relation to supporting local builders, providing local jobs and more broadly population growth," said Mr Sunners.
As previously outlined, the $10,000 grant for buying an established home will cease as planned on 30 September 2025.
Since the HomeGrown Territory grant scheme launched on 1 October 2024 more than $7.2 million in grants have been paid out to 479 recipients.
Of these, 55 have been for the $50,000 grant, 11 for the $30,000 grant and 399 for the $10,000 grant.
A further 118 applications have been approved and are awaiting to be paid.
