Building a new home can be a bit of a daunting process (and a pricey one, too!), but one state has just revealed it will be extending one of its lucrative home-building grants.
The Northern Territory Government has announced it will continue its BuildBonus scheme until March 31, which means new home builders can apply for a grant of $12,000.
Coupled with the federal government’s HomeBuilder program, which has also been extended until the same date, Territorians could save up to $27,000 when building their new dream property.
Chief Minister of the NT Michael Gunner says the extension of the program will further boost the state’s economy.
“This grant is not only helping hundreds of Territorians realise their dream of building their own home, but it’s also keeping local tradies on the tools,” he explains.
A total of 500 grants have already been dished out to Territorians since the scheme started in February 2019, with an estimated $12.8 million issued by the turn of the year.
“BuildBonus has already generated millions into the Territory economy, and its extension will ensure there’s plenty more in the pipeline heading into the New Year,” Mr Gunner adds.
A total of 120 applications for the BuildBonus program were received last month and 70 more in October as more and more people look to cash in on the home-building incentives.
“My government has done everything it can to buy local and back the construction industry during the pandemic – local jobs means local spending and as many people as possible getting a win,” Mr Gunner says.
The NT market has fared well during the pandemic in comparison with some of Australia’s other states and Mr Gunner hopes the grant extension will see the fruitful conditions continue.
We are seeing a surge in the real estate market for the first time in yearsChief Minister of the NT – Michael Gunner
“Residents are choosing to stay longer, and more are making the move to the Territory – so we need to capitalise on this important opportunity and make the Territory the best place in the country to build and own a home,” Mr Gunner says.