Legislation to support the country’s most generous housing stimulus program has been passed by the Northern Territory parliament.
Available to both first-home buyers and existing home owners, the Home Grown Territory and Fresh Start New Home programs offer government grants ranging from $10,000 to $50,000.
Applications for the grants – a key election pledge of the Country Liberal Party – opened on 1 October. To date, 165 applications have been received.
Of the Home Grown Territory grant applications:
- 90 have been paid or approved
- 27 are currently under assessment
- 48 applications are in draft.
With more than $1.5 million already paid in grants, Treasurer Bill Yan said the initiative will help stimulate activity across the state’s construction industry – it’s hoped between 300 and 400 new homes will be built within the Territory.
“This stimulus package program is the injection the Territory needed,” Yan said. “And we are working to ensure people put down roots right here in the Territory.”
Under the Home Grown Territory program first-home buyers can apply for grants of up to $50,000 to purchase or build a new home, or $10,000 to purchase an established home.
The Fresh Start New Home Grant enables non-first-home buyers to apply for a grant of $30,000 to purchase or build a new home.
Grants are payable when construction contracts are signed. Once built or bought, owners must live in the homes for a minimum of 12 months.
Anti-red tape taskforce established
Meanwhile, the NT Government has appointed a taskforce to streamline the approval process for businesses and industries.
Chief Minister Lia Finocchiaro said the taskforce will have a broad remit “but will focus on small businesses, including in the construction, retail, accommodation and hospitality sectors”.
Called the Approvals Fast Track Taskforce, the body will consist of industry experts from across the state to advise government on how to reform its regulatory processes and reduce approval timeframes.
“The taskforce will operate for six months and play a key role in streamlining approvals and reducing red tape to grow business and investment opportunities in the Territory,” Finocchiaro said.
Chaired by Property Council NT president Mark Garraway, the taskforce held its inaugural meeting on Tuesday.
“The taskforce will take a risk-based approach, seeking to balance the economic benefits of improved investment and economic development with the need to avoid undue risk for Territorians,” Finocchiaro said.
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