Ms SCRYMGOUR - 2010-05-05
A member: Oh, this will be important.
Ms SCRYMGOUR: It is a great question. You should listen to the answer as well.
Minister, can you please advise the House how Budget 2010-11 will help first homeowners own their own home?
ANSWER
Madam Speaker, I thank the member for Arafura for her question. We have our Homestart scheme in the Northern Territory, and Budget 2010-11 delivers good news for those first homebuyers - tax cuts that will save first homebuyers up to $26 730, senior Territorians $8500, and principal place of residence buyers $3500 when buying a home.
Stamp duty exemptions for first homebuyers increases from the first $385 000 to $540 000, saving homebuyers up to $26 730. As the Treasurer has announced, we are also introducing a new concession for senior Territorians and Pension and Carer Concession Card holders, reducing stamp duty by a whopping $8500. In addition, the principal place of residence rebate has increased from $2500 to $3500.
Budget 2010-11 delivers an increase in the Homestart purchase price caps and income limits, making the scheme accessible for more Territorians. For example, in Darwin and Palmerston, the price cap for homes has been lifted from $420 000 to $475 000, a $55 000 increase. In Alice Springs, an increase of $85 000; Katherine, an increase of $18 000; Tennant Creek, and we heard announcements of the land release in Tennant Creek, from $120 000 to $125 000.
Also, the income limits for Territorians to apply for a Homestart loan have been raised. One person household by $10 000 to $70 000; two people, from $90 000 to $100 000; three people will go up $11 000 to $96000; four people, a rise of $17 500 to $103 000, and so on. It is a fiscally responsible scheme.
I believe the opposition released their policy, called ‘Living the Dream’, making a $780m black hole in the budget and a very wobbly scheme that will have a very direct effect on median house prices. Their subsidy would just get added in right at the bottom level, and push house prices right through the roof. They are an irresponsible opposition.
We are a government with a plan. We are a government with a strategy, we are for first homebuyers and we are really supporting them through the measures in Budget 2010-11.
Ms SCRYMGOUR: It is a great question. You should listen to the answer as well.
Minister, can you please advise the House how Budget 2010-11 will help first homeowners own their own home?
ANSWER
Madam Speaker, I thank the member for Arafura for her question. We have our Homestart scheme in the Northern Territory, and Budget 2010-11 delivers good news for those first homebuyers - tax cuts that will save first homebuyers up to $26 730, senior Territorians $8500, and principal place of residence buyers $3500 when buying a home.
Stamp duty exemptions for first homebuyers increases from the first $385 000 to $540 000, saving homebuyers up to $26 730. As the Treasurer has announced, we are also introducing a new concession for senior Territorians and Pension and Carer Concession Card holders, reducing stamp duty by a whopping $8500. In addition, the principal place of residence rebate has increased from $2500 to $3500.
Budget 2010-11 delivers an increase in the Homestart purchase price caps and income limits, making the scheme accessible for more Territorians. For example, in Darwin and Palmerston, the price cap for homes has been lifted from $420 000 to $475 000, a $55 000 increase. In Alice Springs, an increase of $85 000; Katherine, an increase of $18 000; Tennant Creek, and we heard announcements of the land release in Tennant Creek, from $120 000 to $125 000.
Also, the income limits for Territorians to apply for a Homestart loan have been raised. One person household by $10 000 to $70 000; two people, from $90 000 to $100 000; three people will go up $11 000 to $96000; four people, a rise of $17 500 to $103 000, and so on. It is a fiscally responsible scheme.
I believe the opposition released their policy, called ‘Living the Dream’, making a $780m black hole in the budget and a very wobbly scheme that will have a very direct effect on median house prices. Their subsidy would just get added in right at the bottom level, and push house prices right through the roof. They are an irresponsible opposition.
We are a government with a plan. We are a government with a strategy, we are for first homebuyers and we are really supporting them through the measures in Budget 2010-11.
Last updated: 09 Aug 2016