Budget papers 2010 - 2011
2010/11 Budget paper
Northern Territory. Department of Treasury
Northern Territory budget papers; Reports; PublicationNT
Made available via the Publications (Legal Deposit) Act 2004 (NT).
Appropriations and expenditures; Periodicals; Budget; Finance, Public
Northern Territory Government
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://hdl.handle.net/10070/591566; https://hdl.handle.net/10070/591568; https://hdl.handle.net/10070/591570; https://hdl.handle.net/10070/591556; https://hdl.handle.net/10070/591558; https://hdl.handle.net/10070/591560; https://hdl.handle.net/10070/591562
10 Housing 2010-11 Budget Housing HOMESTART NT HOMESTART NT is a Territory Government initiative that supports low to middle-income earners and first-home buyers to purchase their own home through shared equity loans, low deposits and fee assistance loans. Since July 2009, the scheme has assisted 129 Territorians become homeowners. The HOMESTART NT purchase price caps and income limits increase to provide Territorians with access to 40% of the market with mortgage repayments of no more than 30% of income. New price cap Old price cap Increase Darwin and Palmerston $475 000 $420 000 $55 000 Katherine $285 000 $267 000 $18 000 Tennant Creek $125 000 $120 000 $5 000 Alice Springs $385 000 $300 000 $85 000 Household Size Income Household Size Income 1 $70 000 4 $105 000 2 $90 000 5 $112 500 3 $97 500 6 or more $120 000 The 2010-11 Budget continues the Territory Governments commitment to provide safe and affordable housing for all Territorians, providing funding of $948 million to construct new and to refurbish existing public and government employee housing, land servicing and improvements to essential services infrastructure in remote communities. The 2010-11 Budget also supports home ownership through the continued release of residential land and increased stamp duty concessions. Tax Cuts to Support Home Ownership The 2010-11 Budget includes a number of initiatives to reduce taxes and support Territorians purchasing a home to live in, including: an increase in the stamp duty concession for first home buyers, with the first $540 000 of the value of the home exempt from stamp duty, up from $385 000, resulting in a saving of up to $26 730; a new concession to assist senior Territorians and Pensioner and Carer Concession Card holders buy a home, reducing stamp duty payable by $8500; and an increase in the principal place of residence stamp duty rebate from $2500 to $3500. Fast-Tracking Land Release The Governments Housing the Territory plan will be releasing land over the next five years from developments in Palmerston East such as Bellamack, Johnston, Zuccoli and Mitchell. The 2010-11 Budget includes: $20 million towards key headworks infrastructure in Palmerston East; $10 million towards the development of the Arid Zone Research Institute (AZRI) site for the new suburb of Kilgariff in Alice Springs; $1.95 million to progress planning for the new Town of Weddell; and $0.9 million for the release of 54 fully serviced residential lots in Tennant Creek. Affordable Housing The 2010-11 Budget continues the Territorys affordable land release strategy, with 15% of lots in Government land releases to be set aside for affordable and social housing. In addition, the role of the Land Development Corporation is being expanded to include residential and affordable housing development in Stage 1 of the new suburb of Zuccoli. As part of the Housing the Territory initiative the Territory Government will establish a new affordable housing rental company to provide quality and affordable rental housing for low to middle income earners at below market rent.