16 December 2004
220+ Territorians to Celebrate Christmas With Home North
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Paul Henderson MLA
Acting Minister for Housing
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More than 220 Territorians will be celebrating this year’s Christmas in their new homes—thanks to the extraordinary success of the revamped Home North scheme Acting Housing Minister Paul Henderson said today.
“Territorians have been embracing home ownership for the first time in record numbers—at the rate we are going we are likely to reach our target for 2004-2005 of 250 new Home North loans within the first six months of the revamped scheme,” said Mr Henderson.
“It really shows there is a great desire by people in the Northern Territory to own their own bit of the Territory.
“The Territory has the lowest home ownership rates in Australia —42.4 per cent compared to the national rate of 66 per cent—and we aim to turn this around. Through increased levels of home ownership, the Territory’s population is far more likely to stabilise and achieve sustained growth.
Mr Henderson said that loans funded had almost reached $30 million, compared to an initial estimate for the whole financial year of $36 million under the new scheme.
“With loans funded, those that have received final approval and those that have received in principle funding, we are looking at over $51 million being invested into getting people into private home ownership in just five months.
“Especially pleasing is that around 8 per cent of loans are going to people moving out of public housing into private home ownership,” said Mr Henderson.
“On top of this:
- 15 new units and houses are being constructed through Home North, which is providing further sustainability and employment in the housing and construction industry;
- over $400,000 has been made available in interest fee loans for buyers to purchase whitegoods for their new homes, thus benefiting the NT retail industry;
- the real estate industry has benefited by over $1.6 million in the first five months of the scheme.
“With 70 new home owners in Palmerston, and an extraordinary 53 in Alice Springs , Home North really is making for a great Christmas for hundreds of Territorians.”
NB: Figures below apply to 30 November. Recent provisional figures suggest trends still continuing. For example, as at 10 December, Palmerston figures up to 74 and Alice Springs up to 56.
November highlights - 18 new households assisted in Palmerston and 12 new households assisted in Alice Springs for the month of November.
Loans Funded
24 standard variable loans funded for $3,447,664
135 shared equity loans funded for $18,427,375
All home loan terms 35 years, except one for 30 years
152 fee assistance loans funded for $1,031,928
132 of the 159 new clients were first home buyers
Two of these was new units, 8 construction loans and 149 were existing properties of which 15 were previously Territory Housing properties.
107 were houses and 52 were units.
135 shared equity investments were purchased for the value of $6,350,657
Total expended $29,257,624
Final approved loans ( not including the funded loans)
12 standard variable loans for $1,512,797
43 shared equity loans for $6,452,586
All home loan terms 35 years
53 fee assistance loans for $463,948
45 out of the 55 are first home buyers
52 are existing properties of which 3 are Territory Housing properties, 1 construction property loan and there are 2 new units
38 are houses and 16 are units
43 shared equity investments to be purchased for the value of $1,595,997
Total committed $10,025,328
Regional breakups (Funded and final approved loans)
Alice Springs
53 new clients of which 44 first home buyers
52 were existing properties, of which 4 were Territory Housing properties and there was 1 new unit
34 houses and 18 units
53 fee assistance loans for $406,359
44 shared equity loans for $6,681,603
9 standard variable loans for $1,301,613
44 shared equity investments for $1,874,800
Average purchase price $197,104
Median purchase price $205,000
Northern Suburbs
46 new clients of which 38 first home buyers
46 were existing homes of which 7 were Territory Housing properties
23 houses and 23 units
44 fee assistance loans for $311,115
41 shared equity loans for $5,473,542
5 standard variable loan for $699,846
44 shared equity investments for $1,887,792
Average purchase price $189,480
Median purchase price $196,500
Darwin
21 new clients of which 18 were first home buyers purchasing existing properties of which all but 3 were units
18 fee assistance loans for $110,774
18 shared equity loans for $2,509,522
3 standard variable loan for $448,200
18 shared equity investments for $789,260
Average purchase price $185,238
Median purchase price $190,000
Palmerston
70 new clients of which 56 first home buyers
60 were existing properties of which 4 were Territory Housing properties, 3 new unit and 7 construction loans
61 houses and 9 units
68 fee assistance loans for $492,764
61 shared equity loans for $8,676,921
9 standard variable loans for $1,288,973
61 shared equity investments for $2,901,632
Average purchase price $194,430
Median purchase price $200,000
Katherine
14 new clients of which 13 were first home buyers
13 were existing houses of which 3 were Territory Housing properties and one construction loan
14 fee assistance loans for $121,941
9 shared equity loans for $986,728
5 standard variable loans for $578,566
9 shared equity investments for $317,970
Average purchase price $146,500
Median purchase price $149,000
Rural
8 new clients of which 6 were first home buyers
6 Fee assistance loans of $37,293
5 Shared equity loans of $551,645
3 standard variable loans of $400,713
6 shared equity investments of $175,200
Average purchase price $157,500
Median purchase price $164,000
Tennant Creek
2 new clients, both being first home buyers buying existing houses
2 fee assistance loans of $15,630
2 standard variable loans of $242,550
Average purchase price $128,750
Median purchase price $128,750
Approved in principal (not including final approved loans or funded loans)
65 fee assistance loans for $628,606
3 standard variable loans for $300,173
82 Shared equity loans for $11,005,238
Total approved in principal, final approved and funded loans $43,270,315
Total final approved and funded shared equity investments $7,946,654