Building Boost Grant Act 2011
sec.16What is an eligible home building contract
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sec.16 What is an eligible home building contract
A home building contract is an eligible home building contract if— it is a comprehensive home building contract to have a new home built on land in the State; and the transaction commencement day is on or after 1 August 2011 and before 1 May 2012; and it has been entered into by each person who will, on completion of the contract, have a relevant interest in the land; and the laying of the foundations for the home starts within— 26 weeks after the transaction commencement day; or the longer period allowed by the commissioner; and either— it provides for the home being ready for occupation as a place of residence within the prescribed building period; or if subparagraph (i) does not apply, the home is ready for occupation as a place of residence within the prescribed building period or the longer period allowed by the commissioner; and the total of the following is less than $600,000— the consideration for the transaction; the unencumbered value of the relevant interest in the residential land on the transaction commencement day. s 16 amd 2012 No. 4 s 5 (retro)
- (a) it is a comprehensive home building contract to have a new home built on land in the State; and
- (b) the transaction commencement day is on or after 1 August 2011 and before 1 May 2012; and
- (c) it has been entered into by each person who will, on completion of the contract, have a relevant interest in the land; and
- (d) the laying of the foundations for the home starts within— (i) 26 weeks after the transaction commencement day; or (ii) the longer period allowed by the commissioner; and
- (i) 26 weeks after the transaction commencement day; or
- (ii) the longer period allowed by the commissioner; and
- (e) either— (i) it provides for the home being ready for occupation as a place of residence within the prescribed building period; or (ii) if subparagraph (i) does not apply, the home is ready for occupation as a place of residence within the prescribed building period or the longer period allowed by the commissioner; and
- (i) it provides for the home being ready for occupation as a place of residence within the prescribed building period; or
- (ii) if subparagraph (i) does not apply, the home is ready for occupation as a place of residence within the prescribed building period or the longer period allowed by the commissioner; and
- (f) the total of the following is less than $600,000— (i) the consideration for the transaction; (ii) the unencumbered value of the relevant interest in the residential land on the transaction commencement day.
- (i) the consideration for the transaction;
- (ii) the unencumbered value of the relevant interest in the residential land on the transaction commencement day.