Handing out taxpayer funded money to first time new home buyers comes with unintended consequences. Not least of which is that it tends to drive up the price of new homes. Meaning much of the financial assistance meant for the new home buyers ends up in the pockets of housing developers.
But that’s not stopping the Northern Territory’s government.
AAP reports that according to the NT government, new home ownership incentives in the state are the most substantial in Australia.
First home owner incentives worth thousands
If you are a first home owner in the NT, you’ll receive up to $50,601 for whitegoods for the new home. There are also cash incentives being offered by the NT government for people to move up North, those who used to live in the NT or own a home in the state, and even those who are recently divorced, according to AAP.
Named the Territory Home Owners Bonus, Chief Minister Michael Gunner believes the initiative will create construction jobs throughout the state, raise the population and support first home owners. This comes as Gunner tries to deal with a struggling economy.
PS: That’s no steam engine coming for your job. Find out why your job could be at risk…no matter what you do for a living. And discover what you could do today to ensure your skills remain relevant tomorrow. Download your free report here.