Queensland Consolidated Acts

FIRST HOME OWNER GRANT ACT 2000 - SECT 5

(1) An eligible transaction is—

(a) a contract made on or after 1 July 2000 for the purchase of a home in the State; or

(b) a comprehensive home building contract made on or after 1 July 2000 by the owner of land in the State, or a person who will on completion of the contract, be the owner of land in the State, to have a home built on the land; or

(c) the building of a home in the State by an owner builder if the building work starts on or after 1 July 2000.

(2) For subsection (1)(a), a contract is a contract for the purchase of a home if the contract is a contract for the acquisition of a relevant interest in land—

(a) on which a home is built; or

(b) on which a home is to be built, before completion of the contract, by or for the vendor and at the expense of the vendor.

(3) If, on or after 1 July 2000, a person purchases a building and intends to use it as a place of residence on land in which the person has a relevant interest but on which it is not situated at the time of purchase, the contract for the purchase of the building is taken to be a contract to have a home built.

(4) However, a contract is not an eligible transaction if the commissioner is satisfied it forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant.

(5) Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (4) if—

(a) for a contract to purchase a home—the purchaser had an option to purchase the home granted before 1 July 2000 or the vendor had an option to require the purchaser to purchase the home granted before that date; or

(b) for a comprehensive home building contract—either party had a right or option granted before 1 July 2000 to require the other to enter into the contract.

(6) Also, a transaction is not an eligible transaction if the consideration for the transaction is $750000 or more.

(7) Also, a contract mentioned in subsection (1)(a) is not an eligible transaction if the total of the following—

(a) the unencumbered value of the home;

(b) the unencumbered value of the relevant interest in the land, on which the home is built or to be built, at the commencement date for the contract;

is $750000 or more.

(8) Also, a contract mentioned in subsection (1)(b) to have a home built on land is not an eligible transaction if the total of the following—

(a) the consideration for the transaction;

(b) the unencumbered value of the land at the commencement date for the contract;

is $750000 or more.

(9) Also, a transaction mentioned in subsection (1)(c) is not an eligible transaction if the total of the following—

(a) the consideration for the transaction;

(b) the unencumbered value of the land, on which the home is to be built, at the commencement date for the transaction;

is $750000 or more.