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Speaker 1: We know that applications have indeed opened this week for

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Speaker 1: the NT government's Home Buyers schemes. Grants of up to

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Speaker 1: fifty thousand dollars are available to first home buyers to

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Speaker 1: purchase or to build well basically to purchase or to

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Speaker 1: build a new home, or ten thousand dollars for an

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Speaker 1: established home. The scheme also includes grants of thirty thousand

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Speaker 1: dollars for those who already have property to purchase or

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Speaker 1: build a new home under the government's Fresh Start grants.

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Speaker 1: We spoke to the Treasurer and Minister for Housing and

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Speaker 1: Construction Bill Yan on Wednesday about the grants, who said

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Speaker 1: that they can go towards a deposit and that the

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Speaker 1: government had worked with the banks on the scheme. Now,

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Speaker 1: there had certainly been some concerns though in the early

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Speaker 1: days when this was being spoken about prior to the election,

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Speaker 1: raised by brokers back when it was that election commitment.

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Speaker 1: And I'm keen to hear their thoughts now on well,

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Speaker 1: how it's all going and who can apply now, Joining

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Speaker 1: me on the line right now, and hopefully I've worked

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Speaker 1: out my tech issue, joining us on the line right now.

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Speaker 1: I have got Bliss home home loans brokeer Janine Ashmore,

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Speaker 1: Good morning to you, Jeanine.

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Speaker 2: Hi Katie, how are you?

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Speaker 1: Yeah? Really well, thanks so much for joining us. Now, Janine,

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Speaker 1: tell me firstly if you had much interest in the

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Speaker 1: home grants since it kicked off earlier in the week.

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Speaker 2: Yeah, look, I've probably seen triple the amount of inquiry

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Speaker 2: that we would normally get on any given week. So yeah,

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Speaker 2: it's definitely created a lot of interest.

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Speaker 1: It is, I mean, it is hopefully going to see

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Speaker 1: things get moving. Is it definitely the case that funds

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Speaker 1: can go towards a.

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Speaker 2: Deposit, No, not really. People still have to have shown

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Speaker 2: that they've saved some funds or at least five percent

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Speaker 2: deposit saved over a period of three months or more

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Speaker 2: or one month, depending on the lender. In most cases

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Speaker 2: it can be helped as an additional part of the deposit,

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Speaker 2: but you still do need to have some form of savings.

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Speaker 1: And so in terms of I mean, in terms of

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Speaker 1: that being the case, would have it been better to

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Speaker 1: go with life changes to stamp duty or something different.

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Speaker 2: I do think that that probably would have helped a lot. More.

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Speaker 2: Like don't get me wrong, like the grants are great,

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Speaker 2: and as I said, they've generated interest, and you know,

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Speaker 2: especially for established property, you've seen people that probably had

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Speaker 2: to go away and save for another year with that

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Speaker 2: ten thousand dollars being able to sort of enter the

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Speaker 2: market now. So that's that's definitely helped. But I think

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Speaker 2: the biggest sums of money where people are thinking they

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Speaker 2: can just use that as their deposit has probably been

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Speaker 2: a little bit misleading. And the broad statement that banks

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Speaker 2: will accept it is also a bit misleading.

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Speaker 1: Now, yeah, right, So you know, from your perspective thus far,

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Speaker 1: in terms of the communication that you've had with clients

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Speaker 1: and people coming to you throughout this week wondering how

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Speaker 1: it's all going to work, do you think that many

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Speaker 1: of them are going to actually be able to utilize it?

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Speaker 2: Look, I've had a couple that probably can, but they're

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Speaker 2: in pretty good positions already, like the old people that

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Speaker 2: had the savings that were going to probably build and

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Speaker 2: just waited for something for this to come along, or

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Speaker 2: like with the thirty thousand dollars one, they already own

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Speaker 2: a block of land outright, and you know they're going

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Speaker 2: to use it to assist in building the house. But

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Speaker 2: they've already got equity, you know, they're already there, so

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Speaker 2: it's not really getting anybody who's not in the market

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Speaker 2: already at any sort of help, if that makes sense.

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Speaker 1: Yeah, yep, I get what you're saying. And so from

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Speaker 1: your perspective, Janine, I mean, do you think that it's like,

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Speaker 1: do you think that it is genuinely going to help

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Speaker 1: people to get into the market. What kind of impact

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Speaker 1: do you think it's going to have? And I know

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Speaker 1: it's still really early days.

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Speaker 2: Yeah yeah, and in these early days, like there's a

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Speaker 2: probably thinking, you know, three or four weeks will have

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Speaker 2: a better indication. Look, I think maybe the fifty and

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Speaker 2: the ten k ones absolutely will will help people get in,

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Speaker 2: but the thirty thousand dollars one, like, it's not processed

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Speaker 2: by the banks at all in house, and there was

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Speaker 2: an assumption, Sorry I just dropped something. Then there was

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Speaker 2: an assumption. There was an assumption by the Territory Revenue

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Speaker 2: Office to the one representative they did invite to a

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Speaker 2: meeting to tell the community how it was going to happen.

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Speaker 2: No one really got to have a point of view

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Speaker 2: put forward. I will say they were making the assumption

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Speaker 2: with the fresh Start one of the thirty thousand dollars

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Speaker 2: that people would already have other money, so like, but

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Speaker 2: the Territory Revenue Office is processing that grand and controlling

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Speaker 2: the funds giving them to the consumer, and banks aren't

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Speaker 2: going to consider those funds at all as part of

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Speaker 2: any sort of funds to help build a house. So

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Speaker 2: it's yeah, I don't think we're going to see a

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Speaker 2: lot of tracks on that one.

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Speaker 1: Yeah, right, I mean that is something that I had wondered,

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Speaker 1: is when exactly, you know, do the funds kind of

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Speaker 1: come through at what points I suppose in that home

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Speaker 1: transaction and you know, and yeah, just sort of looking

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Speaker 1: at the process, I guess for any first time buyers.

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Speaker 2: Yeah, well, look, the fifty thousand dollars and the thirty

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Speaker 2: thousand dollar ones are payable when a slab is laid

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Speaker 2: So you've got to buy them, buy the land, pay

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Speaker 2: the deposit, stamp duty, all the rest of it on that,

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Speaker 2: and then even pay the deposit for the bill, and

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Speaker 2: then once the slab is laid down, then those funds

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Speaker 2: are released. At that stage, then you've got to get

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Speaker 2: quite a way into the process. Now with the fifty

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Speaker 2: thousand dollar grant that can be processed by the banks.

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Speaker 2: So the banks will get an approval for that, and

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Speaker 2: they'll happily because they've got the approval and the money's

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Speaker 2: going to go to them when the slabs laid, they'll

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Speaker 2: some in some cases happily forward their funds in lieu

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Speaker 2: of knowing that they're going to risk the funds from

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Speaker 2: the government later on down the track. But with the

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Speaker 2: thirty thousand dollars one, they don't have that surety and

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Speaker 2: so it sort of just can't come into play at all.

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Speaker 2: So you've got to be quite a way into the

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Speaker 2: build before the funds are released.

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Speaker 1: Yeah, look, well it certainly sounds interesting. I mean, I'll

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Speaker 1: be really interested to see just how successful it is,

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Speaker 1: you know, whether we see a lot of people kind

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Speaker 1: of taking the offer up or what they plan to do.

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Speaker 1: I think it's wonderful if it does help more people

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Speaker 1: get into their first homes. But I suppose, you know,

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Speaker 1: they do need to be able to service those loans

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Speaker 1: as well, don't they.

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Speaker 2: Yeah, we'll look at average build at the moment's costing

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Speaker 2: about six hundred thousand dollars, So I don't know, if

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Speaker 2: you're a young couple on a sort of average sort

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Speaker 2: of salary, that's a pretty hefty repayment of eight to

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Speaker 2: nine hundred dollars a week depending on the lender. You know,

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Speaker 2: it's a big ask.

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Speaker 1: Yeah, well, Janine Ashmore, really good to speak to you

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Speaker 1: this morning. It's good to just get that bit of

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Speaker 1: perspective and you know, find out whether it has created

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Speaker 1: a lot of interest and we'll have a bit more

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Speaker 1: discussion about next week. I reckon with somebody from the

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Speaker 1: construction industry too, to hear whether they're sort of seeing

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Speaker 1: much movement as a result of the changes. Time will

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Speaker 1: tell I.

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Speaker 2: Guess yep, absolutely.

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Speaker 1: Yeah, Janine, lovely to speak to you. I really appreciate

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Speaker 1: your time.

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Speaker 2: Thanks Katie, thank you.