Territory Loans

Northern Territory Grant for First Time Home Buyers

Northern Territory is best known for being a tourist destination in Australia. The aborigine culture and the natural landscapes are breath-taking sights that entice many people to become permanent residents in this Australian territory. So for those who are interested in moving to this place, then it's good to know that the government will help you if you want to buy a house in Northern Territory for the first time.

First introduced on July 1, 2000, the Northern Territory First Home Owner Mortgage is administered by numerous agents in the country. Banks, financial institutions, and credit unions help the Northern Territory Revenue Office distribute this monetary aid to individuals who have met the mortgage loan requirements. The amount is given to an individual regardless of the cost of the house that one wants to purchase.

The Australian Government FHOG scheme provides eligible first home owners with a $7 000 grant in relation the purchase or construction of a home.
FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than $750 000. This includes the unencumbered value of the land on which a home is to be built.

The First Home Owner Mortgage Loan has a list of specifications that one must learn. The best way to understand the rules and conditions of this grant is by consulting with an approved agent. Agents are located all over Northern Territory, but you may also inquire with the Territory Revenue Office as well through an appointment, fax, or post.