New South Wales Consolidated Acts

FIRST HOME OWNER GRANT ACT 2000 - SECT 13A

13A First home owner grant cap

(1) A first home owner grant cap applies to any eligible transaction with a commencement date on or after 1 January 2010.

Note: The first home owner grant cap does not apply to an eligible transaction that qualifies for the first home owner boost for new homes or established homes. The first home owner boost is available for eligible transactions until 31 December 2009.

(2) For the purposes of this Act, the amount of the first home owner grant cap is:

(a) $750,000, or

(b) if another amount is prescribed by the regulations for the purposes of this section-that other amount.

(3) The question of whether the total value of a transaction exceeds the amount of the first home owner grant cap is determined by reference to the total value of the transaction as at:

(a) in the case of a contract-the commencement date, or

(b) in the case of the building of a home by an owner builder-the date the transaction is completed.

Note: Section 20 authorises the grant to be paid before completion of an eligible transaction if the Chief Commissioner considers it appropriate.

(4) If another amount for the first home owner grant cap is prescribed, the regulations may include provisions of a savings or transitional nature as a consequence of the change to the amount.