The newly elected CLP Government's nation-leading home grants program is officially open for applications.
Delivering on a key election commitment, Chief Minister Lia Finocchiaro said from today Territorians could apply for grants of up to $50,000 to build their dream home.
"We are excited to announce that from today people wanting to build a home in the Territory will be able to access the most generous home build scheme in the nation," she said.
"Importantly, our $50,000, $30,000 and $10,000 grants can be used by recipients as part of their deposit when applying for a loan through their financial institution.
"This will support Territorians, particularly first home buyers, to get ahead in their home ownership journey. This is about encouraging Territorians to put down roots and build a life in the Territory.
"Cost of living is crippling Territorians and this scheme supports people to achieve their aspirations of home ownership."
Mrs Finocchiaro added: "HomeGrown Territory is a bold plan that will help boost our population, retain skilled workers and stimulate construction."
"It also signals to the rest of the country that if you want to build your dream home, come to the Territory," she said.
The program will run for 12 months until 30 September, 2025.
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.
There will be no cap on purchase or build price, and all successful applicants must live in their homes for a minimum of 12 months.
Eligibility is for Australian citizens and permanent residents to support population growth.
Treasurer Bill Yan said having a 12-month scheme would provide greater certainty around the application process.
"HomeGrown Territory will get people out of the rental cycle and into home ownership," he said.
"These initiatives will also bring much-needed new supply onto the market. It will help rebuild the Territory's reputation as a highly competitive place to live, work and raise a family."
The CLP Government has committed $20 million to the scheme and will reallocate more funding if required over the 12-month program.
An amendment to the First Home Owner Grant Act 2000 to implement the new program is expected to be introduced in the October parliamentary sittings, which starts on 15 October.
However, to support Territorians wanting to access the scheme, all applications received from today will be honoured retrospective of legislation passing in November this year.
