The Northern Territory’s 2011 Budget has included new measures to support home buyers in the region.
The BuildBonus offers a one-off grant of $10,000 to home buyers who build or purchase a new home up to the value of $530,000.
The grant applies to contracts signed from 3 May this year to 31 December, with construction commencing from 3 May 2011.
The 2011 Budget also increased purchase price and income caps on the Territory government’s HOMESTART NT scheme, a program helping low to middle income earners into home ownership.
The new caps provide Territorians with access to 40 per cent of the market with mortgage repayments of no more than 30 per cent of income.
“Along with continued fast-tracking of land release and the lowest taxes in the country for small to medium businesses, this will allow more Territory families into the housing market than ever, while stimulating our construction sector,” NT treasurer Delia Lawrie said.