First Home Owner Grant NT

There’s nothing quite as exciting as stepping into your first home after purchasing it, but for aspiring property owners, saving for a home deposit can be challenging. If you’re looking at purchasing in the Northern Territory, it’s good to know that a bit of extra financial support is available through the  First Home Owners Grant NT. It’s a cash boost that can help you take that first step on the property ladder sooner.

If you’re looking to make your first property purchase and buy a home in the NT, then the first home buyer grant could be well worth investigating.

How much is the First Home Owner Grant in the NT?

The First Home Owner Grant in the NT is worth $10,000 but it’s only available when you buy or build a brand new home.

A new home can be a house, duplex, unit or townhouse, and it also includes house and land packages, plus homes purchased off the plan. The common thread is that the home must not previously have been lived in.

Unlike a number of other states, there is no price limit on how much you pay for your first home to be eligible for the First Home Owner Grant in the NT.

First Home Owners Grant NT eligibility

To be eligible for the First Home Owner Grant in the NT, you will need to meet various conditions. For example:.

• Each applicant must be at least 18 years old, and
• At least one applicant must be permanent resident or Australian citizen, and
• You (and your spouse or partner if they’re applying with you) must not have owned a residential property in Australia prior to 1 July 2000, or have lived for more than six months in a residential property you owned after 1 July 2000. This suggests you could still be eligible if you have owned an investment property after mid-2000, as long as you never lived there yourself.

How to apply for the First Home Owner Grant in the NT

The NT Government makes it clear that if you are taking out a home loan to buy your first home, you must apply for the First Home Owner Grant via your lender or mortgage broker if you are getting a home loan to help you buy the property.

This would likely cover most first home buyers in the Territory. However, if you’re buying without a home loan, you can apply directly to the Territory Revenue Office.

Either way, you need to submit your application for the First Home Owner Grant in the NT within 12 months of purchasing your new home or completion of construction.

Are first home buyers in NT exempt from stamp duty?

First home buyers in the Territory had previously been able to pocket savings on stamp duty in the past, but these concessions ended in mid-2021, meaning that it’s important to factor the cost of stamp duty into your budget.