Home loans in NT

With the majority of the Northern Territory’s (NT's) economy reliant on tourism and mining, the wealth of the state can fluctuate with the seasons and commodity market factors. This can, in turn, influence the stability of the property market, the average prices and, therefore, the size of your home loan. When buying a property in the Northern Territory you must adhere to both territory and council regulations. These include dual levels of fees and charges as well as any concessions or grants that may be of benefit to you.   

What is the Northern Territory like and how will this affect me getting a home loan?

Due to its location and topography, many parts of the Northern Territory are inhabitable because of minimal natural resources and climate, or are highly susceptible to natural disasters. Coastline parts of the state are often hit by cyclones and experience monsoon like rains. You should take this into account if looking to purchase property in the Northern Territory because this can affect property prices and house insurance premiums.

Most of the territory’s 200,000+ population live in the capital city, Darwin, or the other main settlements of Palmerston, Alice Springs, Katherine, Nhulunbuy and Tennant Creek. Most of the working population are employed in the tourism or mining industries. These tend to be volatile industries that fluctuate with uncontrollable international and interstate factors.     

Does the state government offer any concessions or grants to help me get a home loan?

If you are building a home, buying a new home or are in a low-income family, the Northern Territory government may provide you with rebates or grants to purchase a property. First home buyers can apply for a first home owner grant and a household goods grant if it is a new build. If you are purchasing an established property you can apply for a home renovation grant. Potential homeowners in specific groups, such as, first home owners, pensioners or low-income earners, can apply for rebates or discounts on the fees charged by the Northern Territory government. 

Are there any taxes or fees when buying a property in the Northern Territory?

When buying property in the Northern Territory you may have to pay both territory and council taxes and fees. Depending on the type of property or land you are purchasing you might have to pay council application fees, rates and other levies. You should consult the relevant council before purchasing the property. In many cases you will have to pay stamp duty when purchasing a property so you should ensure these fees are budgeted for before obtaining your home loan. This does not apply in some cases, such as, if you are a first home buyer, it is part of a deceased’s estate or you are a pensioner, carer or a senior citizen.