Here’s what you need to know about the Northern Territory First Home Owner Grant.

Getting your foot on the property ladder can be difficult and overwhelming, but there is help out there. If you are buying your first home in the Northern Territory, the NT First Home Owner Grant (FHOG) is available which could give you a boost of $10,000.

How does the NT First Home Owner Grant work?

The NT FHOG is a one-time payment of $10,000 to first-time home buyers buying or building a new home, apartment, duplex, or townhouse. Unlike some of the other state FHOGs, income and home value do not affect your grant eligibility – any first-time home buyer can apply!

A property that has undergone major renovations can also be considered a new house insofar as:

  • The new house has not been previously occupied or sold since the renovation

  • Renovation is substantial, i.e. replacing foundations/structures, retaining walls, etc.

A remodeled kitchen or bathroom or any other cosmetic renovation does not count as a major renovation.

NT First Home Owner Grant Eligibility

To be eligible for the grant, you must:

  • Be at least 18 years old and be an individual (not a corporation or trust).

  • At least one applicant is an Australian citizen or permanent resident.

  • You must be applying for the FHOG for the first time (this includes anywhere in Australia). However, you may be eligible to reapply for the grant if you have repaid the FHOG received.

  • Make sure everyone with a relevant interest in the house is a plaintiff.

  • You must not have owned or occupied residential property in Australia before July 1, 2000.

You will also need to live in the house as your primary place of residence for at least six months within 12 months of a qualifying transaction.

How do I apply for the NT First Home Owner Grant?

There are two ways to submit your application.

  • Through an authorized agent: An approved agent is usually the lender who provides your financing. Most financial institutions are licensed agents.

  • Through the Territorial Revenue Office (TRO): Complete the application form (with all required supporting documents) and send it by post or email to the TRO.

When will the grant be paid?

Depending on who you applied to, the NT First Home Owner Grant will be paid under the following circumstances:

Situation When will the grant be paid?
If you are buying a new house If you applied with an approved agent, the grant will be received upon checkout. If you applied through the TRO, the grant will be received once your name is registered on the title deed.
If you are buying a house under a forward contract When you are in possession of your accommodation and payments of at least $10,000 have been made (excluding deposit).
If you are building a new house Once the foundation has been laid and a progress payment of at least $10,000 has been made (excluding deposit).
If you are an owner-builder When the construction of the house is finished.

What other programs and grants are available in NT?

The Family Home Guarantee

The Family Home Guarantee enables 5,000 single parents (each fiscal year) to obtain a home loan with just 2% down payment without having to pay LMI. It was introduced in the 2021/22 federal budget.

Entrants must be first-time home buyers with a maximum income of $125,000. The loan must be repaid through principal and interest repayments and cannot exceed 30 years.

First Home Regional Guarantee

The Regional Home Buyers Guarantee Scheme is designed to target first-time home buyers in regional Australia.

With the Regional First Home Guarantee, 10,000 guarantees each year will help first-time home buyers purchase a regional home with as little as 5% loan deposit without having to pay IMT. This means you can borrow up to 95% of the value of the property, with the federal government offering the lender a guarantee of up to 15%.

The first super savings program for the home

The First Home Super Saver Scheme (FHSS) helps first-time home buyers save a down payment by using the tax deductions superannuation can provide. Essentially, it allows early earner savers to sacrifice up to $15,000 per year for the plan at a reduced tax rate of just 15% (instead of their marginal tax rate).

When you’re ready to buy a home, up to $50,000 can be released from the plan (plus any income).


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Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. Certain products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, the repayment type, the loan term and the LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of October 24, 2022. See disclaimer.

Image by Henrique Felix via Unsplash


Disclaimer

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.