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NT Budget & Real Estate

By Amy Trezise

With release of the NT 2016/2017 Budget we have great news for home owners and First Home Buyers.

To assist the Northern Territory economy NT Governemnt have released the Home Improvement Scheme, this grant is designed to give existing property owners a helping hand with minor improvements, repairs and maintanance while stimulating local small businesses.  For full details of this scheme click here.

First Home Buyers have finally been given a little relief with the new First Home Owners Discount, this grant began on May 24 2016 and will run until 30 June 2017 (and hopefully be extened beyond this date).  The discount is applied at a 50% discount off the full Stamp Duty payable with a cap of Ten Thousand Dollars.  For full details and eligibility on this discount click here.

While the Government is on our agenda this month we bring your attention to the discussions of Capital Gains Tax being abolished by the Federal Government.  The Real Estate Industry holds out hope that this will not be the case as it is believed it will have a extreme negative effect on the property market with not only property owners and investors effected but tenants alike.  For more information click here.

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