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.
Armed with the above 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.
Buying your first home or investment property is a significant milestone but understanding all the government grants available can feel like finding your way through a maze.
Trying to decipher what each state offers, and the federal programs is tough. It’s a lot to wrap your head around. So let me break it down for you and see what’s around out there to help you on your journey to that exiting place called property ownership.
Northern Territory
As of 1 October 2024 the Northern Territory Government have launched a range of grants to assist with building or purchasing a home in the Territory.
These grants are known as HomeGrown Territory Grants. This link is the home owner assistance page. https://nt.gov.au/property/home-owner-assistance/buy-build-new-home
Buying or building a new home – HomeGrown Territory
The HomeGrown Territory Grant offers $50,000 for first-home buyers to put towards building or buying their first home.
You can also use it for a new transportable home, as long as it's permanently fixed and legally approved to be lived in.
This is a boost for the transportable home sector where finance has not been possible until after the transportable home has been completed in situ.
Read the eligibility for the Buying or building a new home – HomeGrown Territory grant here: https://nt.gov.au/property/home-owner-assistance/buy-build-new-home
In summary, First Home Buyer, over 18, Australian citizen or permanent resident all applicants.
Buying an established home - HomeGrown Territory
The HomeGrown Territory Grant extends the First Home Owner Grant to $10,000 for first-home buyers to put towards the purchase of an established home. This includes:
- houses
- townhouses
- apartments.
There is no cap on the purchase price.
Read the eligibility for the Buying or building an existing home – HomeGrown Territory grant here: https://nt.gov.au/property/home-owner-assistance/buy-an-established-home
In summary, First Home Buyer, over 18, Australian citizen or permanent resident all applicants.
State v federal grants
Before we deep dive into the details, lets get one thing straight what the states offer versus what the feds bring to the table. States have their own bag of goodies, like grants, concessions and stamp duty exemptions tailored to their local markets. Meanwhile the federal government has programs like the First Home Loan Deposit Scheme (FHLDS) and the First Home Super Saver Scheme (FHSSS) aimed at supporting first home buyers nationwide.
State schemes
Each state and territory in Australia has its own set of incentives to first home buyers a leg up. It’s like a buffet of options out there with each state having its own flavour. Down in NSW for instance you can get your hands on the First Home Owner Grant (FHOG) of up to $10,000 for eligible purchasers buying a new home valued at $600,000 or less or to build a new home up to $750,000. Eligible first home buyers may also qualify for stamp duty exemptions up to $800,000 purchase price or concession through to $1m.
Victoria offers a similar deal with its FHOG up to $10,000 for newly constructed properties valued at $750,000 or less. Additionally, eligible first home buyers may qualify for stamp duty exemption up to $600,000 purchase price or concessions up to $750,000, while Queensland ups the ante with a hefty $30,000 grant for eligible first home buyers for buying or building a new home. The grant covers new houses, units and townhouses and you can even buy off the plan. Additionally, eligible first home buyers may qualify for stamp duty exemption up to $550,000 purchase price and concessions may be available above this price.
Meanwhile, Western Australia offers $10,000 for eligible buyers purchasing or constructing a new home. Additionally, eligible first home buyers may qualify for stamp duty exemption up to $430,000 purchase price or concessions up to $530,000. South Australia offers $15,000 if you are buying or building a new home valued up to $575,000. Additionally, eligible first home buyers may qualify for stamp duty exemption up to $650,000 for new homes only and land purchases up to $400,000.
Tasmania is sweetening the deal with a $30,000 grant for eligible purchasers buying or building a new home for transactions that commence between April 1 2021, and June 30, 2024. Additionally, eligible first home buyers may qualify for a 50 per cent stamp duty exemption up to $600,000.
In the Northern Territory eligible first home buyers can get a grant of up to $10,000. There are no income caps or property price threshold, but it must be a new home. And in the ACT, there is the Home Buyers Concession Scheme with no stamp duty for properties valued at $1m or less.
Federal Schemes
The Home Guarantee Scheme (HGS)
The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers to buy a home sooner. The Scheme is administered by Housing Australia on behalf of the Australian Government.
The Scheme includes three types of Guarantees:
- First Home Guarantee (FHBG) – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%. For FY2024-25, 35,000 places are available.
- Regional First Home Buyer Guarantee (RFHBG) - supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%. For FY2024-25, 10,000 places are available.
- Family Home Guarantee (FHG) – supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%. For FY2024-25, 5,000 places are available.
Navigating the maze
When it comes to navigating this maze of grants and incentives, it really does pay to have a good solid plan in place. Start by doing your homework on what’s available in your area and what you might be eligible for as a first-time homeowner. Your next step is to talk to the experts, whether it’s a mortgage broker, property coach or buyer’s agent.
Now don’t forget to plan ahead, stay informed on any tweaks and changes to the grants and have all your paperwork in order when it comes time to apply for the grants or loans. With a bit of research, some expert guidance and a whole lot determination you’ll be well on your way to owning your own property with clarity and confidence.
To discuss a Darwin home loan from a Darwin mortgage broker call today on 0447 499 794. You can access our Mortgage Calculator here.