First Home and Housing Construction Grants Act 2000

For the purposes of sections 7,

in the case of an eligible transaction constituted by a contract under section 13(1)(a)—the market value will be taken to be—

unless subparagraph (ii) applies—the consideration for the eligible transaction;

if the Commissioner considers that the consideration for the eligible transaction may be less than the market value—the market value of the property on which the home is situated, as at the time when the contract is made, as determined by the Commissioner for the purposes of this provision;

in the case of an eligible transaction constituted by a comprehensive home building contract under section 13(1)(b)—the market value will be taken to be the sum of the following:

—

unless subsubparagraph (B) applies—the consideration for the comprehensive home building contract under section 13(7);

if the Commissioner considers that the total consideration payable for the relevant building work may be less than the actual costs to build the home—the actual costs to build the home, as determined by the Commissioner for the purposes of this provision; and

the market value of the property on which the home is to be built, as at the time when the building contract is made, as determined by the

in the case of an eligible transaction constituted by the building of a home by an owner builder under section 13(1)(c)—the market value will be taken to be the market value of the property on which the home is situated, as at the time when the eligible transaction is completed, as determined by the Commissioner for the purposes of this provision.

For the purposes of subsection (1), if an eligible transaction relates to a home on a genuine farm, the relevant component of the farm will be taken to constitute the property on which the home is situated, or is to be built.

If a person is entitled to a first home owner grant by virtue of the operation of section 5(4)—

if the relevant interest relates to a comprehensive home building contract for the construction of a home—the market value of the home to which the eligible transaction relates will be taken to be the consideration for the comprehensive home building contract;

in any other case—the market value of the home to which the eligible transaction relates will be determined in accordance with—

the method prescribed by regulation for the purposes of subsection (6)(b) of section 18B immediately before the repeal of that subsection by the Statutes

if another method is prescribed by regulation for the purposes of this subsection—that method.

The

If the Commissioner requires a valuation of property to be made for the purposes of determining the value of any property under this section, the Commissioner may, having regard to the merits of the case, charge the whole or any part of the expenses of, or incidental to, the making of the valuation to the applicant or applicants and may recover the amount so charged from the applicant or applicants as a debt due to the Crown.

To avoid doubt, the market value of any property on which a home is situated will, for the purposes of this section, be the market value of the land, the home and any other improvements.

In this section—

the land is to be used for primary production by the person seeking the benefit of this section; and

the land is, by itself, or in conjunction with other land owned by that person, capable of supporting economically viable primary production operations;