The NT Build bonus has been extended by the treasurer Delia Lawrie until the 31st December 2012. The NT Build Bonus was supposed to finish on the 30th June 2012. This is a welcome announcement by industry supporting the construction industry and by us here at Building Loans Australia. The NT Build Bonus will enable those a leg up in helping to build their own home sooner, stimulate the construction industry and help fill the void in rental vacancies.
Who is eligible for the NT Build Bonus?
There are almost no limitations as to who is eligible for the NT Build Bonus as whether you are a first home buyer, an investor or simply wanting to upgrade your home as an owner occupier, you can still apply for the NT Build Bonus.
Unlike other states and territories, if you are purchasing/building in a company or a trust you are still able to apply for the NT Build Bonus.
Remember the scheme is only for homes up to $600,000.
How much am i eligible for?
If you are a first home buyer, you receive the most benefits such as the first home owners grant of $7,000, NT Build Bonus of $10,000 plus stamp duty concessions for vacant land.
As an investor the grants available is just the NT Build Bonus of $10,000.
Can i use the NT Build Bonus towards my Deposit?
This is the most common question that we are asked. Unfortunately the answer is no due to how the Territory government has decided to administer the grant. Because you apply directly to the territory government the payment of the NT Build Bonus is not made until the slab is laid on the land. This is well after any deposits on land or to the builder are made.
If you are short on deposit, maybe you could look at a gift from family or friends to which you can repay once you receive the NT Build Bonus. Otherwise you can increase the percentage you can borrow. There are a few options available to you:
Feel free to contact Building Loans Australia with any questions you have. Remember we do more than just research the right finance options for you, we will help you complete and apply for the NT Build Bonus.