First Home Owner Grant Act 2000

The total value of a transaction is —

in the case of a contract for the purchase of a home, the greater of —

the consideration for the transaction; and

the unencumbered value, at the commencement date, of the property the subject of the transaction;

in the case of a comprehensive home building contract, the amount calculated by adding —

the consideration for the transaction; and

the value, at the commencement date, of the relevant interest in the land on which the home is to be built;

in the case of the building of a home by an owner builder, the amount calculated by adding —

the unencumbered value, at the date the transaction is completed, of the home; and

the value, at the date the transaction is completed, of the relevant interest in the land on which the home is built.

For the purposes of subsections (1)(b)(ii) and (1)(c)(ii) the value of a relevant interest in land is the greater of —

the consideration paid for the interest; and

the unencumbered value of the interest.