The Northern Territory Government has launched two new housing initiatives to help people renting accommodation to buy their own homes.

 

Treasurer, Delia Lawrie, said  that with banks’ lending practices limiting housing developments, the Government was stepping in to help stimulate supply, support people purchase their own home and help free up rental stock.

 

My New Home is a new program which two of the barriers to home ownership; deposit and lender insurance.

 

In conjunction with TIO, the My New Home package provides deposit free loans for new housing of up to $750,000 with no lenders mortgage insurance.

 

Homestart Extra builds on the  Territory Governments’ Homestart shared equity scheme. Homestart Extra increases the shared equity option from 30% or $75,000 to 50% or $200,000 as well as increasing fee assistance loans to $15,000 meaning little or no deposit.

 

“By significantly increasing the equity options for Homestart, the Henderson Government is backing Territorians on low and middle incomes who want to get off the rental roundabout,” Ms Lawrie said.