HomeNorth Shared Equity Loan
The HomeNorth Xtra Shared Equity Loan is designed to help low to middle income Territorians who can't afford to buy a home by themselves
How does the Shared Equity Loan work?
You can buy a share between 70 per cent and 99 per cent of the property.
Territory Housing will own the rest of the property, which will be provided to you rent-free. In return, you will be required to pay all repairs, maintenance, insurance, council rates and charges on the property. You will also be required to pay body corporate fees if you are buying a unit.
Territory Housing's maximum share will be $75,000 or 30 per cent of the property value, whichever is lesser.
How much can I borrow?
There is a limit on the amount you can borrow, depending on your gross household income and other commitments.
TIO can advise you on the amount you are eligible to borrow.
Am I eligible?
For information on eligibility, download the information brochure or contact TIO on 1300 301 833.
How do I apply?
Before you look for a property, you should contact TIO on 1300 301 833 for information and to make an appointment to lodge an application. Download a copy of the application form.
A waiting period may apply before you receive written notification of your loan approval. A full credit assessment will be conducted for all loan applications lodged. Approval is at the discretion of TIO and Territory Housing.
Interest rate and Comparison Interest rate Schedule
This schedule shows the annual percentage rate for the various income ranges, along with 'true cost' of the loan, being the comparison rates.
The comparison rates take into account fees and charges connected with the loan, excluding government fees and charges i.e. mortgage registration costs.
TIO administers the HomeNorth Xtra scheme on behalf of the Northern Territory Government.