Navigating the grants and schemes available to first home buyers in the Northern Territory (NT) can seem overwhelming. However, understanding these options clearly can make your journey to homeownership much easier. This page provides simple, straightforward information about the various government programs and grants available to first home buyers in the NT.
Grants and schemes available for first home buyers in the Northern Territory
| HomeGrown Territory | House and Land Package Exemption | |
| Acronym | HLPE | |
| Region | Northen Territory only | Northen Territory only |
| Location | Metro or regional | Metro or regional |
| Description | The HomeGrown Grant is a one-time payment to first home buyers to assist in purchasing a new or substantially renovated home. It aims to support the local economy by encouraging people to build or buy homes within the Northern Territory. | The House and Land Package Exemption (HLPE) provides a stamp duty exemption for eligible individuals who purchase a house and land package from a building contractor in a single transaction. The contract must be signed between 1 July 2022 and 30 June 2027. |
| Property type | New homes, homes under substantial renovation | New detached homes, including those under construction or completed by the contractor |
| Minimum deposit | No minimum | |
| Property value limit | Up to $600,000 | No cap on the value of the property. |
| Owner occupied or investment | Owner occupied only | Owner occupied only |
| Number of places for FY24 | Unlimited | |
| Income limit | Not means tested | Not means tested |
| Borrower eligibility | First-time buyers, Australian citizens or permanent residents | Must be an individual purchasing a house and land package from a building contractor |
| Purchasing history | Applicants must not have previously owned a home in Australia | Must not have previously received this exemption |
| Requirements for living in the property | The property must be occupied by the buyer as their principal place of residence for at least 12 months after purchase. | Must occupy the property as their principal place of residence for at least 6 months within the first 12 months after completion |
| Link to more information | Northen Territory Revenue Office – HomeGrown | Northen Territory Revenue Office – Stamp Duty |
HomeGrown scheme
The HomeGrown Scheme in the Northern Territory provides a one-time payment of $10,000 to assist first home buyers in purchasing a new or substantially renovated home. The grant applies to properties valued up to $600,000, or up to $750,000 for a house and land package. This grant is available for both metropolitan and regional areas, and there is no minimum deposit required. To qualify, the property must be owner-occupied, meaning the buyer must live in the home for at least 12 continuous months within the first year of purchase. The grant is not means-tested, making it accessible to both single and couple applicants buying their first home. For more details, visit the Northern Territory Government’s website for the First Home Owner Grant.
House and Land Package Exemption
Read more about the Northern Territories “House and Land Package Exemption” stamp duty exemptions and concession scheme here.
UFinancial’s full support for first home buyers
At UFinancial, we understand that buying your first home is an exciting, yet complex journey. Our mortgage brokers will guide you every step of the way, ensuring you make the most of the government grants and schemes available. Here’s how we help:
- Expert guidance: From determining your eligibility to handling all necessary documentation, we make sure you don’t miss any crucial steps.
- Access to multiple lenders: We work with over 40 lenders to find the best loan options for your needs, ensuring you get the best deal possible.
- No-cost services for first home buyers: Our services are free for first home buyers, as we’re compensated by the lender you choose. This means you get expert advice at no extra cost.
- Comprehensive buyer support: We offer personalised assistance with property searches, property evaluations, and advice throughout the buying process, ensuring you feel supported every step of the way.
Ready to get started?
If you’re ready to take the next step toward homeownership, or if you need help navigating the First Home Buyer Grants and Schemes, contact a UFinancial team member today to find out how we can assist you in securing the right home loan for your first home purchase.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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