In response to a flurry of applications in the last quarter of 2020, the Northern Territory announced that it was extending its BuildBonus grant program until March 2021 – albeit with a distinctly subsidized grant. smaller.
The BuildBonus program originally gave aspiring homeowners a grant of $ 20,000 for contracts signed before December 31, 2020. However, with this extension, the territory government will provide a lower maximum grant of 12,000. $ for contracts signed between January 1 and March 31, 2021.
This announcement follows a noticeable increase in applications during the last quarter of 2020. According to the territorial government, 67 applications for the program were filed in October, 128 in November and 76 in December.
In total, the program has received 720 requests since March 2019, with over 550 approved requests. Approximately $ 11 million in grants have flowed to applicants since its inception in February 2019 through the initial deadline of December 2020, generating more than $ 220 million in construction activity.
Michael Gunner, Chief Minister of the Northern Territory, said the grant had helped many aspiring homeowners enter the real estate market.
"People are choosing to stay in the territory longer, and more and more people are moving and choosing to settle there," he said.
Gunner added that the grant also presented a substantial number of opportunities for traders and said he expects more work to take place this year due to the extension of the grant.
“The territory's real estate market is booming for the first time in years, and we want to take this opportunity and make the territory the best place to build and own a home,” he said.
"The great adoption of the project that we saw at the end of 2020 means that there will be a lot of work going on for the territorial exchanges this year," said Eva Lawler, Minister of Justice. Infrastructure, Planning and Logistics.
"The extension of this grant will also help maintain jobs in the construction industry and help more Territorians achieve their dreams of building and owning their own homes," he said. she declared.
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