Territorians looking to realise their dream of building their own home in 2021 can access additional funding, with the Northern Territory Government announcing that the BuildBonus Grant has been extended.
BuildBonus will now continue until 31 March 2021, with the original cap of 600 grants lifted. The extension has been modelled off the Federal Government’s decision to continue its HomeBuilder program to the same date, with a matched reduction in grants funding.
Under the current BuildBonus scheme, Territorians can access a grant of $20,000 until 31 December 2020. From 1 January 2021, Territorians can access a grant of $12,000 to put towards building their nests.
BuildBonus was introduced as an economic stimulus package for the construction sector, which also gives Territorians a leg-up to building their own homes, while encouraging others from interstate to relocate and set up life in the NT.
Since the scheme was introduced in February 2019:
- 500 grants have been paid
- 140 applications are being processed
By the end of December 2020, it’s estimated:
- $12.8 million will be issued in grants
- $250 million will be generated into the local economy as a result of the scheme
Under the Federal Government’s HomeBuilder program, residents can access a $15,000 grant from 1 January 2021. Together with the Commonwealth’s contribution, Territorians will be able to put $27,000 in grants towards building their own property in the New Year. If they are a first home owner, they will also be able to apply for the $10,000 First Home Owners Grant. Additionally, the Territory Homeowner discount stamp duty concession on homes up to a value of $650,000 is available until 30 June 2021.
The announcements are timely, with interest in BuildBonus recently spiking, with 70 applications received in October, and 120 in November.
Government figures also show a 65 per cent uptake in urban residential lots. In the first 9 months of 2019/2020, there was an average of 37 lots transacted per quarter. However that figure jumped to 61 in the June 2020 quarter, and increased again to 71 in the September quarter.
There is also plenty of land on the horizon for budding home builders, with more than 4,000 undeveloped new residential lots held by developers across seven development fronts in Darwin and Palmerston.
To be eligible for the BuildBonus Grant, Territorians must have entered into a contract to build or buy a home, or have started construction as an owner builder after 8 February 2019.
Source: NT Government