Home Buyer Initiative
The Home Buyer Initiative makes it possible for middle or low income earners to buy a residential property, either an existing home or to build on vacant residential land.
You must be assessed and approved as an eligible purchaser by the Department of Housing before you can buy a Home Buyer Initiative property.
If you are approved you will receive written confirmation.
Who can apply
You must meet all of these conditions:
- be a person not a trust or company
- 18 years of age or over
- be an Australian citizen or permanent resident of Australia
- have a satisfactory pre-approval finance letter
- not exceed the maximum income limits
- not currently own a residential property or be a party to a contract of sale for the purchase of another property.
To be eligible for the Home Buyer Initiative, your annual household income must be less than the limits shown in the table below.
The maximum income limit is your total assessed income before tax otherwise called your gross income.
Some Centrelink income is not included in calculating your total household income such as Family Tax Benefits part A and B.
|Household size (number of people)||Maximum income (gross income)|
|6 or more||$127,500|
Documents you will need
You must supply all the documents that are listed below with your application, to be assessed as an eligible purchaser for the Home Buyer Initiative.
All applicants must provide the following documents:
- a signed and fully completed Home Buyer Initiative application form
- a current Centrelink income statement if relevant
- copy of photo identification such as passport or NT driver licence
- proof of permanent residency if relevant
- an acceptable copy of the letter from your bank confirming you have a loan pre-approved to buy a home. Please note a letter from a mortgage broker will not be acceptable
- proof of any money you have available to add to your home loan to confirm your maximum purchase price for a new home.
The letter from your bank must include:
- your full name and address
- amount of loan approved
- date of approval
- maximum purchase price amount available to you
- any conditions on the loan approval like a satisfactory licensed valuation.
Wage and salary earners
If you earn a wage or a salary you must provide two current pay slips from all your jobs, your full personal tax return and a copy of the tax assessment notice you received from the Australian Taxation Office from the last financial year.
Self-employed, companies and partnerships
If you're self-employed, own a company or you are in a partnership you must provide all of the following:
- a full balance sheet, accounts and interim profit and loss statement for the current financial year to the last completed month of trading prior to applying
- your full personal tax return and a copy of the tax assessment notice you received from the Australian Taxation Office from the last financial year
- a full business tax return and tax assessment notice if a separate return was submitted to the Australian Tax Office for your business.
Applications not accepted
Your application will not be accepted if:
- it is incomplete or inaccurate
- it contains false or misleading information
- the forms or supporting documents cannot be read or understood
- you do not supply all the supporting documents required
- or more than one application per household is submitted which means you and spouse or partner cannot both submit separate applications.
How to apply
You must follow these steps to apply:
Step 1. Fill in a Home Buyer Initiative application form and attach all the required documents from the check list above.
Step 2. Submit your completed application and documents by:
- email to firstname.lastname@example.org
- or make an appointment to deliver your application in person at the Darwin office by calling (08) 8999 8471 or (08) 8999 8593 or email email@example.com.
After you apply
NT Home Ownership will send you a letter to tell you if your application has been successful.
If you are not successful you will be given reasons in writing.
Change your application
You may need to update your application form because of a change in circumstances such as your contact details.
To do this you will need to notify NT Home Ownership in writing.
If you want to change any of the applicants' names, add or remove applicants you will have to fill in a new application form and provide updated information.
For help or more information about making changes to your application contact NT Home Ownership on (08) 8999 8471 or (08) 8999 8593 or email firstname.lastname@example.org.
Extend your approved status
If your application is successful your approved eligible purchaser status will usually last for up to 90 days depending on the how long your financial approval is valid for.
If you do not purchase a property within the valid period you can apply for an extension on your Home Buyer Initiative eligible purchaser approval.
To extend you will need to ask your financial institution to provide a new pre-approval letter for your home loan.
You need to provide this letter to NT Home Ownership along with updated income documents and evidence of your savings being used for the purchase, if applicable.
Properties you can buy
There are two house lots available to buy in Zuccoli Aspire for approved Home Buyer Initiative applicants.
The two 305 square metre house lots are priced at $124,000 each.
To find out more call the land sales manager at Raine & Horne on 0499 558 842 or (08) 8941 8941.
Properties coming soon
Further house lots are expected to come to the market in the coming months.
You should apply now for the Home Buyer Initiative to be ready for the next release.
Pre-approved waiting list
If there are no eligible properties available, your approved application will remain on a waiting list.
When new Home Buyer Initiative properties are released you will be notified by email or SMS.
For help or more information about the Home Buyer Initiative call NT Home Ownership on (08) 8999 8471 or (08) 8999 8593 or email email@example.com.