New Stamp Duty & Grants Northern Territory (NT) 2011-2012

Northern Territory Provides Boost For Property Buyers

The Northern Territory Government has introduced a new $10,000 grant labelled the ‘BuildBonus’. This grant will support both home buyers (owner-occupiers) and property investors. The new grant will be in addition to the generous stamp duty concessions already offered to home buyers. There were no changes announced for stamp duty rates or thresholds.

The BuildBonus details are outlined below. You can view the current stamp duty rates, concessions, and government grants for NT here. You can also use our Stamp Duty & Grants calculator.

Build Bonus

BuildBonus was introduced on 3 May 2020 by the Northern Territory Government to encourage investment in and construction of affordable homes and units in the Territory.

BuildBonus provides a $10 000 grant to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including signing a contract for a house and land package), purchase a new unit (including off-the-plan) or commence construction of a new home as an owner builder, between 3 May 2020 and 31 December 2020 inclusive.

BuildBonus is not means tested but the value of a new unit or new home or the total construction cost of a new home (including the value of the land on which it is built) is capped at $530 000.

In the case of a contract to purchase a new home or unit, construction of the home or unit complex must commence on or after 3 May and no later than six months from the date of the contract.

Only one grant is payable per transaction and applicants are considered ineligible if they have already received a BuildBonus grant, either alone or jointly, for another transaction.

BuildBonus is available to first home buyers in addition to the First Home Owner Grant. This means that eligible first home buyers will receive grants of up to $17 000.”

Source: Northern Territory Government