State of Markets - NT February 2013

Fast Figures

• $225: Median weekly rent
• $2058: Median mortgage repayment

Package helps families into homes
A new home loan package aimed at improving home ownership has been announced by the Northern Territory government.

At the Housing Industry Association Awards, the minister for housing, Peter Chandler, unveiled the new NT government-supported home loan assistance package, HomeBuild Access.

It will replace both of the previous government’s schemes, which are currently costing the Territory $4 million a week.

“The fact is, housing ownership in the Territory has gone down from 47.6 per cent in 2006 to 46.2 per cent in 2011,” he said.

“Our new HomeBuild Access program will help those most in need, not just our first home buyers.”

Reforming first home buyer assistance
The Country Liberals government has moved to reform the assistance given to first home buyers to better support them at the lower end of the market, and to create the right market conditions to ensure housing construction increases at an affordable price.

“These measures are about better targeting the Northern Territory government’s programs to ensure they are supporting would-be new home buyers,” the minister for housing, Peter Chandler, said.

“The reforms, announced as part of the Mini Budget, will stimulate building, and will make homes more affordable for Territorians.”

Some of the changes include a $25,000 First Home Owner Grant to purchase newly constructed homes or land for homes throughout the Territory, a $12,000 First Home Owner Grant to purchase existing homes in the Darwin, Palmerston and Darwin rural areas, and a $25,000 First Home Owner Grant to purchase existing homes in the rest of the Territory.