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$50,000 cash boost for first-home buyers in ‘most generous’ Aussie scheme: ‘Nation-leading’

The Northern Territory government is now offering new home grants of up to $50,000.

Tamika Seeto
·Finance Reporter
Updated ·3-min read
First home owner grant
The Northern Territory has opened up its new housing grant scheme for residents, with grants of up to $50,000 available. (Source: Getty)

Applications for the most generous housing grant scheme in Australia have opened up this week. The Northern Territory is giving first-home buyers a cash boost of up to $50,000 under a new "nation-leading" scheme.

The HomeGrownTerritory Scheme offers first-home buyers a $50,000 grant if they buy or build a new home in the territory, or a $10,000 grant if they buy an established home. There are no caps on purchase or build prices.

The FreshStart New Home Grant offers existing homeowners a $30,000 grant to purchase or build a new home in the territory. Again, there are no price caps.

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Chief Minister Lia Finocchiaro said it was the “most generous home build scheme in the nation”.

“This will support Territorians, particularly first home buyers, to get ahead in their home ownership journey,” she said.

“Cost of living is crippling Territorians and this scheme supports people to achieve their aspirations of home ownership.”

Finocchiaro said the move a "signal" to the rest of the country that "if you want to build your dream home, come to the Territory".

Are you a first-home buyer with a story to share? Contact tamika.seeto@yahooinc.com

The $50,000 First Home Owner Grant is available for owner-builders and off-the-plan purchases. There is no cap, on the build or purchase price.

The $10,000 First Home Owner Grant for established homes includes houses, townhouses and apartments. There is no cap on the purchase price.

The grants can be used by recipients as part of their deposit when applying for a loan through a financial institution.

The program will run for 12 months until September 30, 2025, with $20 million committed from the government for the scheme.

All successful applicants are required to live in their homes for a minimum of 12 months.

Find out more about the scheme and eligibility requirements here.

The NT program is by far the most generous first-home buyer scheme in Australia, with other First Home Owner Grants ranging from $10,000 to $30,000.

Here’s a look at the First Home Owner Grants available state by state:

NSW: $10,000 grant for newly built or substantially renovated homes. For new homes valued up to $600,000, or $750,000 for contract to build or owner-builder.

VIC: $10,000 grant for buying or building a new home valued up to $750,000.

QLD: $30,000 grant for buying or building a new home valued up to $750,000.

WA: $10,000 grant for buying or building new home valued up to $750,000 for homes south of 26th parallel and up to $1 million for homes north of 26th parallel.

SA: $15,000 grant for buying or building new home, with no property value cap for contracts entered into after June 6, 2024.

TAS: $10,000 grant for buying or building a new home, with no price caps.

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