First Home Buyer

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Couple buying first home

If you are a First Home Buyer in Darwin and the Northern Territory we will smooth the way to home ownership, as we have an understanding of government grants and lender policy.

There are a number of ways to purchase a property using a Darwin home loan. If you live outside of Darwin we can help across the whole Northern Territory to achieve your property goals.

We will meet you at a time and place that suits you for a no obligation, no cost, meeting. At that meeting we can establish what subsidies you may be eligible for.

First Home Loan Deposit Scheme

Here are the key details:

  • In the Northern Territory there is a price cap of $375,000.
  • Income: singles – your taxable income for the previous financial year must not be more than $125,000, couples – your combined taxable income for the previous income year must not be more than $200,000.
  • Must not have held an interest in property before, First Home Owners only.
  • Australian Citizens only.
  • 5% genuine savings as a deposit. $18,750.
  • No Lenders Mortgage Insurance.

There are limited loans this financial year, (at time of writing) of the 10,000 offered over 6,000 have been taken. In July 2020 a new set of 10,000 will be oferred.

Here is a link: https://www.nhfic.gov.au/what-we-do/fhlds/

BuildBonus grant - $20,000 for the first 600 people to build a new home in the Territory

If you are buying or building a new home in the Northern Territory, you can apply for a grant of $20,000.This grant is limited to the first 600 applications. A new home is one that has never been previously lived in or sold as a place of residence. To be eligible for the grant, you must have entered into a contract to build or buy a home, or have started construction as an owner builder on or after 8 February 2019.

Here is the link to the NTG website: https://nt.gov.au/property/home-owner-assistance/buildbonus-grant

First home owner grant for purchasing or constructing a new home

From 7 May 2019, if you are buying or building a new home, you can apply for a First Home Owner Grant (FHOG) of $10,000. You may also be eligible for the BulidBonus grant and the Territory Home Owner Discount. A new home is one that has never been previously lived in or sold as a place of residence.

Here is the link to the eligibility test: https://nt.gov.au/property/home-owner-assistance/first-home-owners/first-home-owner-grant

Territory home owner discount - stamp duty concession of up to $18,601

If you are buying an established home, a new home or land to build a new home in the Northern Territory (NT), you may be able to get up to $18,601 off stamp duty. The home must be your principal place of residence.

If you have not owned a property in the NT for the last 24 months this grant may be suitable.

Also Territory home owner A person who has not held an interest in residential property in the Northern Territory in the 24 months prior to the execution of the conveyance. However, the 24 month period does not apply if a person no longer holds or will no longer hold an interest in residential property as a result of a breakdown in a marriage or de facto relationship.

Home renovation grants - up to $10,000 for first home buyers

If you buy an established property as your first home, you may be able to get financial help to renovate or improve it. You can get up to $10,000 under the home renovation grant if you bought your first home after 1 September 2016. Applications for the home renovation grants close at 5pm on 30 November 2020.

Household goods grant - up to $2,000

If you buy a new property as your first home, you may be eligible to apply for up to $2,000 to buy household goods.

Armed with that knowledge we discuss your future goals and the big step of purchasing a home.

Next comes analysing your financial position, such items as work history, credit rating, family guarantee and anticipated changes in circumstances may be discussed.

Here is our Darwin First Home Buyers Guide. To contact a Darwin home loan from a Darwin mortgage broker call today on 0447 499 794. You can access our Mortgage Calculator here.

 
Scenarios

Here we have a look at examples of the above First Home Buyer grants and discounts.

First Home Loan Deposit Scheme Example
Property Type Existing house or unit
Purchase Price $375,000
Purchase Costs including legals $4,000
Stamp Duty (rebated)  
Funds Required $379,000

Available Funds

Your 5% Deposit $18,750
   
   

 

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Nick Kirlew Darwin Mortgage Broker

Arafura Finance Brokers is an Authorised Representative (No. 420372) of BLSSA Pty Ltd, ABN 69 117 651 760. Australian Credit License Number 391237.
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Contact Nick Kirlew Mortgage Broker on 0447 499 794.
Darwin, Refinance, Home Loans, First Home Buyer, Mortgage Brokers.
2/6 Montoro Court Larrakeyah NT 0820