Victorian Consolidated Legislation

First Home Owner Grant Act 2000 - SECT 13

Eligible transaction

13. Eligible transaction



(1) An eligible transaction is-

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

   (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;

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

(2) 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 on which a home is
built.

(3) However, a contract made on or after 1 July 2000 is not an eligible
transaction if-

   (a)  in the case of 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

   (b)  in the case of a comprehensive building contract-either party had a
        right or option granted before that date to require the other to enter
        into the contract-

unless the Commissioner is satisfied that the option or right does not form
part of a scheme to circumvent limitations on, or requirements affecting,
eligibility or entitlement to a first home owner grant.

(4) The commencement date of an eligible transaction is-

   (a)  in the case of a contract-the date on which the contract is made;

   (b)  in the case of the building of a home by an owner builder-

   (i)  the date when laying the foundations for the home commences; or

   (ii) another date the Commissioner considers appropriate in the
        circumstances of the case.





(5) An eligible transaction is completed when-

   (a)  in the case of a contract for the purchase of a home-

   (i)  the purchaser (or a nominee of the purchaser) becomes entitled to
        possession of the home under the contract; and

   (ii) if further requirements for the completion of the transaction are laid
        down in the regulations-the further requirements are complied with;

   (b)  in the case of a contract to have a home built-

   (i)  the building is ready for occupation as a place of residence; and

   (ii) if further requirements for the completion of the transaction are laid
        down in the regulations-the further requirements are complied with;

   (c)  in the case of the building of a home by an owner builder-

   (i)  the building is ready for occupation as a place of residence; and

   (ii) if further requirements for the completion of the transaction are laid
        down in the regulations-the further requirements are complied with.

(6) If a person purchases a moveable 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-

   (a)  this Act applies as if the person were an owner builder building a
        home on the land; and

   (b)  the commencement date of the transaction is taken to be the date of
        the contract to purchase the moveable building; and

   (c)  the transaction is taken to be completed when the moveable building is
        ready for occupation as a place of residence on land in which the
        purchaser has a relevant interest.

(7) The consideration for an eligible transaction is-

   (a)  in the case of a contract for the purchase of a home-the consideration
        for that purchase;

   (b)  in the case of a comprehensive home building contract-the total
        consideration payable for the building work;

   (c)  in the case of the building of a home by an owner builder-the actual
        costs to the owner of carrying out the work (excluding any allowance
        for the owner builder's own labour).

(8) For the purposes of this Part, if-

   (a)  a purchaser under a contract for the purchase of a home nominates
        another person (the nominee) as purchaser; and

   (b)  the nominee provides valuable consideration for the purchase to the
        vendor-

the contract for the purchase of the home is taken to be an eligible
transaction in relation to the nominee, whether or not the nominee is a party
to that contract.