Amount of first home owner grant

Current

(1)

Subject to this section, the amount of a first home owner grant is the lesser of the following:

(a)

the consideration for the eligible transaction;

(b)

—

(i)

in the case of an eligible transaction other than a new home transaction—

(A)

if the commencement date of the eligible transaction is before the 2012 statutory date—$7 000; and

(B)

if the commencement date of the eligible transaction is between the

2012 statutory date and 30 June 2014 (both dates inclusive)—$5 000;

(ii)

in the case of an eligible transaction that is a new home transaction—

(A)

if the commencement date of the eligible transaction is before

15 October 2012—$7 000; and

(B)

if the commencement date of the eligible transaction is on or after

15 October 2012—$15 000.

(2)

If an eligible transaction is a special eligible transaction, the amount of the first home owner grant will be increased by an additional payment of—

(a)

in the case of a special eligible transaction that is a contract for the purchase of a home other than a new home—

(i)

if the commencement date of the special eligible transaction is between

14 October 2008 and 30 September 2009 (both dates inclusive)—$7 000; and

(ii)

if the commencement date of the special eligible transaction is between

1 October 2009 and 31 December 2009 (both dates inclusive)—$3 500; and

(b)

in the case of any other special eligible transaction—

(i)

if the commencement date of the special eligible transaction is between

14 October 2008 and 30 September 2009 (both dates inclusive)—$14 000; and

(ii)

if the commencement date of the special eligible transaction is between

1 October 2009 and 31 December 2009 (both dates inclusive)—$7 000.

(3)

The

Governor may, by regulation—

(a)

alter a date or amount specified by subsection (2) in order to extend an entitlement under this Act; or

(b)

prescribe the additional amount payable in respect of a special eligible transaction, if to do so is consistent with the extension of the Commonwealth/State scheme for the payment of grants under this Act (and any such regulation may have effect in accordance with its terms and without the need for any other authorisation or appropriation).

(4)

A regulation under this section may make different provision according to the matters or circumstances to which the regulation is expressed to apply.

(4a)

To avoid doubt, a first home owner grant is not payable under this section in relation to a contract made on or after 1 July 2014 unless the contract is a new home transaction.

(5)

In this section—

special eligible transaction—see section 13A;

2012 statutory date is the date on which the First

Home Owner Grant (Housing Grant Reforms) Amendment Act 2012 is assented to by the Governor.

Regulations

This provision refers to the regulations (A regulation, the regulation). Made under this Act:

First Home and Housing Construction Grants Regulations 2015

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18 Amount of first home owner grant