Amount of grant
18 Amount of grant
(1) The amount of a first home owner grant is the lesser of the following:
(a) the amount of consideration actually paid for the eligible transaction;
the amount applying under subsections (2) to (3F).
(2) If the commencement date for the transaction is before 4 December 2012, the amount for subsection (1)(b) is $7 000.
(3) If the commencement date for the transaction is on or after 4 December 2012 but before 13 May 2014, the amount for subsection (1)(b) is:
(a) if the home is an established home in the urban area – $12 000; or
otherwise – $25 000.
(3A) If the commencement date for the transaction is on or after 13 May 2014 but before 1 January 2015, the amount for subsection (1)(b) is:
(a) if the home is an established home in the urban area – $12 000; or
if the home is a new home – $26 000; or
otherwise – $25 000.
(3B) If the commencement date for the transaction is on or after 1 January 2015 but before 7 May 2019, the amount for subsection (1)(b) is $26 000.
(3C) If the commencement date for the transaction is on or after 7 May 2019 but before 1 October 2024, the amount for subsection (1)(b) is $10 000.
(3D) If the commencement date for the transaction is on or after 1 October 2024 but before 1 October 2025, the amount for subsection (1)(b) is:
if the home is a new home – $50 000; or
otherwise – $10 000.
(3E) If the commencement date for the transaction is on or after 1 October 2025 but before 1 October 2027, the amount for subsection (1)(b) is $50 000.
(3F) If the commencement date for the transaction is on or after 1 October 2027, the amount for subsection (1)(b) is $10 000.
(4) A home is an established home in the urban area if:
(a) the land on which the home is or will be built is, as at the commencement date for the eligible transaction, wholly within the urban area; and
the home is not a new home.
In this section:
urban area means:
(a) the Municipalities of Darwin, Palmerston and Litchfield and the Shire of Wagait; and
(b) Prescribed Area A described in the Schedule to the Northern Territory Rates Regulations 1971; and
(c) the Darwin Waterfront Precinct specified under section 4 of the Darwin Waterfront Corporation Act 2006; and
any other area prescribed by regulation.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
This Act’s bill:Second reading speech
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