Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if—
(a) a first home owner grant is paid before the completion of a relevant transaction; and
(b) on completion of the transaction—
(i) the unencumbered value of the home the subject of the transaction results in the transaction not being an eligible transaction under section 5(7); or
(ii) the consideration for the transaction results in the transaction not being an eligible transaction under section 5(8) or (9).
(2) The applicant for the grant must within 28 days after completion of the transaction—
(a) give written notice to the commissioner that the transaction is not an eligible transaction; and
(b) repay the amount of the grant.
Maximum penalty—40 penalty units.
(3) For a joint application, each applicant is individually liable to comply with the requirements under subsection (2)(a) and (b), but compliance by any one or more of them must be regarded as compliance by both or all.
(4) In this section—
relevant transaction means—
(a) a contract mentioned in section 5(1)(b) to have a home built on land; or
(b) a transaction mentioned in section 5(1)(c); or
(c) a contract mentioned in section 5(2)(b).