First Home and Housing Construction Grants Act 2000

Subject to this section, a grant (the housing construction grant) is payable on an application under this Act if—

the application relates to an eligible transaction that is a new home transaction; and

the commencement date of the eligible transaction is on or after

the market value of the home to which the eligible transaction relates is less than $450 000; and

—

if the eligible transaction is a comprehensive home building contract for a new home—the contract states that the eligible transaction must be completed within 18 months after the laying of the foundations for the home is commenced or, in any other case, the eligible transaction is completed within 18 months after the laying of the foundations for the home is commenced; and

if the eligible transaction is the building of a new home by an owner builder—the transaction is completed within 18 months after its commencement date; and

if the eligible transaction is a contract for an "off‑the‑plan" purchase of a new home—

the contract states that the eligible transaction must be completed on or before 30 June 2015; or

in any other case, the eligible transaction is completed on or before that date; and

the transaction for which the grant is sought has been completed.

The amount of the housing construction grant under this section is as follows:

if the market value of the home to which the eligible transaction relates does not exceed $400 000—$8 500;

if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:

The

This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that a contract that formed the basis of an eligible transaction for the purchase (or purported purchase) of a new home does not constitute a genuine sale of the new home.

For the purposes of subsection (4), the Commissioner may take into account the following:

whether the parties to the contract are close associates;

whether the parties are otherwise not at arm's length;

such other matters as the Commissioner considers appropriate.

For the purposes of subsection (5),

1 is a relative of the other; or

they are related bodies corporate (within the meaning of the Corporations

1 is a body corporate and the other is a director, manager or officer of the body corporate; or

1 is a body corporate (other than a public company whose shares are quoted on a financial market) and the other is a shareholder in the body corporate; or

1 has a right to participate (other than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or

they are in partnership; or

1 is a beneficiary under a trust or an object of a discretionary trust of which the other is a trustee; or

they fall within a class of persons prescribed by the regulations for the purposes of this subsection.

For the purposes of subsection (6),

a spouse or domestic partner; or

a parent or remoter lineal ancestor; or

a son, daughter or remoter lineal descendant; or

a brother or sister; or

related in any other way prescribed by the regulations for the purposes of this subsection.

This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 15 October 2012 (the earlier contract), and that the earlier contract was—

a contract for the purchase of the same home; or

a comprehensive home building contract to build the same or a substantially similar home.

A reference to a first home owner grant or to a first home bonus grant in a following section of this Act (other than section 20 or 22(3)) will be taken to include a reference to a housing construction grant under this section.