First Home Owner Grant and Shared Equity Act 2000

The amount of the first home owner grant is—

in the case of an eligible transaction with a commencement date on or after 1 October 2012 but before 1 January 2016—$15,000, or

in the case of an eligible transaction with a commencement date on or after 1 January 2016—$10,000.

For an eligible transaction with a commencement date on or after 1 October 2012 that is a contract for the purchase of a home, or a comprehensive home building contract, made pursuant to an option granted in the transitional period, the amount of the grant is $7,000.

A contract is made pursuant to an option granted in the transitional period if—

in the case of a contract for the purchase of a home—the purchaser had an option to purchase the home granted during the transitional period or the vendor had an option to require the purchaser to purchase the home granted during the transitional period, or

in the case of a comprehensive home building contract—either party had a right or option granted during the transitional period to require the other party to enter into the contract.

The maximum amount of the first home owner grant is the consideration for the eligible transaction. Accordingly, if the amount that would be payable, but for this subsection, exceeds the consideration for the eligible transaction, the amount of the first home owner grant is the consideration for the eligible transaction.

In this section—