Gunner Govt Increases Stamp Duty Relief

Gunner Govt Increases Stamp Duty Relief

Northern Territory Treasurer Nicole Manison

More First Homeowners Making Their Future In The Territory

Victor P Taffa

Treasurer Nicole Manison today visited one of the Territory’s earliest recipients of the Gunner Government’s increased stamp duty relief for first homebuyers.

The scheme will increase stamp duty relief for first home buyers of established homes and continue the existing stamp duty assistance for new homes.

Treasurer Manison said the response so far has been very encouraging.

“We’ve had a lot of activity in the first month, with 42 applications received and 29 already finalised from all over the Territory, including 10 in Alice Springs.” Treasurer Manison said.

“This demonstrates the urgent need for first homeowner assistance for established homes across the Territory.”

“There have been almost 300 inquiries and we hope to see these inquiries translate to more Territorians owning their own homes and building their future here.”

Home owners are also taking advantage of the $10,000 renovation grant for first home buyers of established homes. Of this amount, $2,000 can be spent on household goods. The $2,000 household goods grant also applies to first home buyers purchasing or building new homes.

All renovations and purchases under the scheme need to be sourced through local Territory businesses.

The Territory Government introduced the substantial increase in assistance on 1 September 2016, with a maximum stamp duty concession of $23,928.60 for established homes valued at $650,000 or less. This equates to no stamp duty on the initial $500,000 value of the home.

For established homes valued at more than $650,000, a $10,000 stamp duty discount is available until 31 December 2016.

“Increased stamp duty relief is a welcome boost to the housing market at a time when it really needs it.”

“Buying your first home is a great achievement, and it’s one of the ways we can help to stem the population flow, and keep people in the Territory.” Treasurer Manison said.