Two new housing initiatives were announced earlier this week (July 25) and aim to get renters in the Northern Territory onto the property ladder.
The My New Home scheme offers first home buyers the opportunity to get a loan without a deposit for new house worth up to $750,000, with no lenders' mortgage insurance required. To be eligible, these buyers must meet commercial lending criteria
Meanwhile, the Homestart Extra plan aspires to increase the number of affordable homes on the real estate market.
This initiative increases the shared equity option in the Northern Territory's Homestart scheme from 30 per cent ($75,000) to 50 per cent ($200,000).
The value of fee assistance loans has also been increased to $15,000, which helps to ease the pressure of a deposit for low to middle-income residents in the territory.
Territory treasurer Delia Lawrie said the schemes will help people make the transition from renting to homeownership.
"This product means more Territorians are now eligible to purchase their own home if they meet
commercial lending criteria,"Ms Lawrie said.
These two schemes have been launched by the Northern Territory government in conjunction with the Territory Insurance Office (TIO).
Ms Lawrie said these incentives will encourage people to buy homes and will relieve the pressure on the rental property market.
"With banks' lending practices limiting housing developments, the Territory government is stepping in to help stimulate supply, support people purchase their own home across many income brackets and help free up rental stock," she said.
