Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Each of the following transactions is not an eligible transaction:
(a) a contract made on or after 1 July 2000 for the purchase or construction of a home if:
(i) for a contract to purchase a home – the purchaser had an option to purchase the home granted before that date or the vendor had an option to require the purchaser to purchase the home granted before that date; or
(ii) for a comprehensive home building contract – either party had a right or option granted before that date to require the other party to enter into the contract;
(b) a contract for the purchase of a home, comprehensive home building contract or building of a home by an owner builder, if the consideration for the transaction (including any GST payable in relation to it) is more than the threshold amount;
(c) a contract for the purchase of a home if the total of the following amounts is more than the threshold amount:
(i) the unencumbered value of the home;
(ii) the unencumbered value, at the date the contract is made, of the relevant interest in the land on which the home is built or to be built;
(d) a comprehensive home building contract if the total of the following amounts is more than the threshold amount:
(i) the consideration for the transaction (including any GST payable in relation to it);
(ii) the unencumbered value, at the date the contract is made, of the relevant interest in the land on which the home is to be built;
(e) t he building of a home by an owner builder if the total of the following amounts, at the date the home is ready for occupation as a place of residence, is more than the threshold amount:
(i) the unencumbered value of the home;
(ii) the unencumbered value of the relevant interest in the land on which the home is built.
(2) However, subsection (1)(a) does not apply if the Commissioner declares the contract to be an eligible transaction.
(3) The Commissioner may make the declaration only if the Commissioner is satisfied the contract does not have the effect of circumventing limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant imposed by or under this Act.
(4) In this section:
"encumbrances" includes a debt or liability that might give rise to a right of recourse against the property.
"unencumbered value", of a home or relevant interest in land, is the full value of the home or interest (without regard to encumbrances), and includes the amount of any GST payable in relation to the supply of the home or relevant interest.