Territory Stories

Annual Report 2000/2001 Territory Housing



Annual Report 2000/2001 Territory Housing

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Tabled paper 154


Tabled Papers for 9th Assembly 2001 - 2005; Tabled Papers; ParliamentNT






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Maximising Territorians home ownership opportunities. D e s c r ip t io n o f c h a n g e H o m e S t a r t H o m e S h a r e E a r i y S t a r t D e p o s i t A s s is t a n c e G r a n t A s s is t I n t e r e s t P u r c h a s in g w i t h P r i v a t e F in a n c e Increase maximum allowable market value of property from $ 140 000 to $180 000. s/ Increase maximum loan from $95 000 to $ 115 000. Increase Territory Housing shared equity maximum to $45 000 or 30% of the property, which ever is the lesser </ </ Deposit to include all Federal and Northern Territory Government first home owner grants and subsidies. </ Removal of interest rate rise cap and link of interest rates to market interest rates, with interest rates varying with income. Increase in eligible income ceiling (gross weekly income). increase to $800 increase to $ 1100 </ increase to $ 1100 Decrease the initial maximum loan term to 30 years. y/ Limit the scheme's operation to first home buyers, but with Ministerial discretion for approval in exceptional circumstances for applicants who do not currently own other properties. </ V Removal of minimum income limit of $300. </ s/ Approval in exceptional circumstances for applicants whose gross family income is below minimum. Add provision that scheme is only available to borrowers using private finance. </ Sunset clause of 30 June 2001 for 5% contribution towards sale price. Scheme to be reviewed within three years. >/ *