HomeNorth Standard Variable Loan
The HomeNorth Xtra Standard Variable Loan is designed to help low to middle income Territorians who have difficulty raising a deposit to enter home ownership in the Northern Territory. The loans can be used to buy a property or contract a builder to construct a new property. The Scheme is not available to owner-builders who want to build their own property.
How does the Standard Variable Loan work?
You only need two per cent of the purchase price for the deposit.
If you are a public housing tenant, the value of any approved improvements you have made to the property may be included as a deposit.
If eligible, you may also use the First Home Owners Grant and Fee Assistance Loan for the deposit, fees and purchasing costs.
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 fact sheet 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.