The Northern Territory has launched its most ambitious homeownership initiative, offering grants of up to $50,000 to help locals build or buy a home. As part of the newly elected CLP Government’s commitment, the HomeGrown Territory program aims to ease the rising cost of living while encouraging more Territorians to invest in their future by owning a home.
Chief Minister Lia Finocchiaro expressed her excitement about the scheme, calling it the most generous home-building program in the country. Grants of $50,000 are available for first-time home builders or buyers, $30,000 for those looking to build again, and $10,000 for purchasing an established home. These grants can be applied towards the deposit on a home loan, giving more people the chance to take their first steps on the property ladder.
“This program is about supporting Territorians, particularly first home buyers, and helping them build a future here,” Finocchiaro said. “We want people to put down roots in the Territory and achieve their aspirations of homeownership.”
The scheme is not just about helping locals, though. It’s also part of a broader effort to stimulate the construction industry and attract skilled workers to the area. Mrs. Finocchiaro added, “If you’ve ever dreamed of building a home, the Territory is the place to do it.”
Running until 30 September 2025, the program is open to all successful applicants, with no cap on the value of homes that can be built. However, recipients must live in their new homes for at least 12 months to qualify.
In an innovative twist, even non-first-time home buyers can benefit through the FreshStart New Home Grant, which offers $30,000 for those who have previously owned property but are now looking to build again.
Treasurer Bill Yan emphasised that the 12-month scheme provides greater certainty for applicants and will bring much-needed new housing stock to the Territory. “We want to help people break the rental cycle and transition into homeownership,” Yan said. “At the same time, these initiatives will make the Territory a more competitive place to live and raise a family.”
The scheme is supported by a $20 million investment, with additional funding available if needed throughout the year. While legislative changes are expected to be introduced in October, any applications made from 1 October 2024 will be honoured once the legislation passes.
The HomeGrown Territory initiative is designed to send a clear message to the rest of the country: if you’re looking to build your dream home, the Northern Territory is the place to make it happen.
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