First Home Owners Grant - NT

First time buyer help in the Northern Territory

The Northern Territory government offers a First Home Owners Concession scheme to first time buyers, which, subject to eligibility provides stamp duty concession of up to $15,515.50 off the duty payable by non-first time buyers. This represents duty normally charged on the first $385,000 of the purchase price of the property. This concession is additional to the Federal First Home Owners Grant.

Both the First Home Owner Grant and the First Home Owners Concessions are administered by the Territory Revenue Office. Mates Rates will manage these applications together with your mortgage application, keeping your experience simple and stress free.

First Home Owners Concession - Are you eligible?

The Territory Revenue Office is responsible for determining your eligibility for both the First Home Owners Grant and the First Home Owners Concession. To be eligible for the First Home Owners Concession, you should satisfy the following criteria:

All applicants must be natural persons (that is, not a company)

At least one (1) applicant must be 18 years of age or more? Note: A person may be exempted from the minimum age requirement. For more information, refer to the Guide to this application.

At least one (1) applicant must be an Australian citizen or permanent resident of Australia.

All applicants must acquire the property in their own right. (that is, not as an agent, trustee or in any other capacity)

The applicants, or together with the Chief Executive (Housing) must acquire the whole of the property.

Applicants or their spouse/de facto partner (whether or not an applicant) must not have received the First Home Owner Concession on the acquisition of a home or land to construct a home in the Northern Territory.

Applicants or their spouse/de facto partner (whether or not an applicant) must not have owned, either jointly, separately or with some other person, a relevant interest in land in Australia on which there was a home that they used as their place of residence?

The applicants must be occupying the home as their principal place of residence for a continuous period of at least six (6) months commencing: (a) in the case of an existing home, within 12 months after signing or exchanging contracts for the acquisition of the home; or (b) in the case of land to build a home or an off the plan home, within the earlier of: twelve (12) months after completion of construction of the home; or three (3) years after signing or exchanging contracts for the acquisition of the land or home. Note: An applicant, but not all of them, may be exempted from the residency requirements.

This may not be not a precise summary of incentives or conditions provided by the Northern Territory Government under the scheme. You can find out more about your own individual entitlements by arranging to talk to a broker for free or by reading further on the external links provided below.

Related Links

• The Federal First Home Owners Grant Scheme

External links:

• FHOG Online
• Territory Revenue Office (administrators of FHOG in the Northern Territory)

This information was obtained from the Territory Revenue Office on 16th June 2008.