Northern Territory gets home loan boost

Friday 01 May 2009

Article by Mozo

Residents in the Northern Territory looking to buy their first home will now be able to get more support from the regional government.

Officials have decided to raise the ceiling of its HomeNorth scheme, which previously provided home loan assistance for first-home buyers looking for a property under $350,000.

Now, the scheme has been renamed Homestart NT and will be available for first-timers buying properties up to a value of $420,000.

Chief Minister Paul Henderson told Northern Territory News that all buyers have to do to secure a home loan is raise a two per cent deposit.

However, he was quick to stress that the home loans will be doled out in a responsible way.

"The Territory Insurance Office will manage the scheme and will only lend money to people who have the capacity to pay it back," he said.

The government last month announced that it would be clamping down on predatory home loan lenders and brokers which did not check people were in a position to pay off the debt.

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