Budget 2014-2015 Budget Overview
Tabled paper 832
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
18 BUDGET 2014-15 Budget Overview Housing The 2014-15 Budget provides strong support for home ownership through the continued release of residential land, a range of Home Build Access loans and a First Home Owner Grant scheme that focuses on increasing the Territorys new dwelling stock. Increasing Land Supply The 2014-15 Budget commits $84.4 million to progress residential land development to meet the needs of the Territorys growing population, including: Darwin $36.9 million to continue the staged development at Zuccoli; $4 million to facilitate the release of land at Berrimah Farm for residential, commercial and mixed-use development; $4 million to support headworks for a staged release of a mixed-use urban and residential development at Palmerston North to support and complement the development of the PalmerstonRegional Hospital; and $4.5 million for headworks for stage 2 of the Darwin Waterfront Development. Greater Darwin Area $4.5 million for drainage works in the rural area and to upgrade headworks infrastructure to support development of private land in HumptyDoo. Northern Region $15.7 million for projects to facilitate land release in Katherine East, Kalkarindji, PineCreek, Mataranka and Timber Creek. Southern Region $4 million for infrastructure to facilitate land release in TennantCreek and TiTree. Alice Springs $6.3 million for land release projects, including Kilgariff stage1a and headworks for future stages at Kilgariff. Indicative dwellings from land release Source: Department of Lands, Planning and Environment 500 0 1000 1500 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 No. Home Loan Support The 2014-15 Budget provides a number of home ownership loan products and services to Territorians who would otherwise be unable to access private sector finance. The Territory Governments home loan products focus on increasing the supply of new housing to alleviate demand pressures in the rental market. The 2014-15 Budget provides Home Build Access loans for home buyers across the Territory, including: the HomeBuild Access Low Deposit Loan, which provides a TerritoryGovernment loan of up to 17.5percent, with an 80percent loan provided by the Territory Insurance Office. This allows home buyers to borrow up to 97.5percent of the purchase price, with a deposit of 2.5percent; the HomeBuild Access Off The Plan Deposit Loan to help fund the deposit for off-the-plan purchases; the HomeBuild Access Subsidised Interest Rate Loan, which reduces the interest rate for the first five years of the loan term; and a Fee Assistance Loan, for eligible Subsidised Interest Rate Loan applicants, to enable borrowing of up to $10 000 interest-free to help with costs associated with buying a home such as conveyancing, white goods and stamp duty.
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