Housing

Loan types

HOMESTART NT Standard Variable Loan

  • Allows you to buy 100 per cent of your home just like a normal home loan.

HOMESTART NT Shared Equity Loan

  • Allows you to buy a share of your home, between 70 per cent and 99 per cent.
  • The Northern Territory Government owns the rest and provides its share of the property to you rent-free.
  • The Northern Territory Government will invest up to $75 000 or 30 per cent of the value of the property, whichever is less.
  • You can buy the Northern Territory Government’s share, or part of it, at a later date
  • You must pay for all rates, insurances and maintenance.

HOMESTART NT Fee Assistance Loan

  • Interest-free loan to help with the costs involved in purchasing a property, including conveyancing fees, stamp duty, deposit and whitegoods.
  • Maximum loan amount is $10 000 repaid over 15 years.
  • Up to $1500 of the loan can be used to buy whitegoods.
  • Only available to borrowers of a new HOMESTART NT loan.

Redraw
You can make extra payments on your standard variable or shared equity loan, and redraw these funds for approved purposes. Minimum redraw amount is $500.

Deposit
Your deposit will depend on how much you can borrow and the price of the home. You must have a minimum two per cent of the purchase price or your share of the purchase price if buying in shared equity with the Northern Territory Government as a deposit.

The Northern Territory Government’s First Home Owners Grant (if you are eligible) and funds from the Fee Assistance Loan can help you with the deposit.

Borrowing limits
How much you can borrow depends on what you can afford. Your HOMESTART NT repayments will be no more than 30 per cent of your gross household income to ensure it remains affordable for you.

Interest rates
Interest rates are variable and are subject to change. Please see Current Interest Rates Fact Sheet PDF icon 58 KB. Your Fee Assistance Loan is Interest Free for the term of the loan.