5Ownership of land and homes

5 Ownership of land and homes

(1) A person is an owner of a home or a home owner if the person has a relevant interest in land on which a home is built.

(2) Each of the following is, subject to subsection (3) a relevant interest in land—

(a) an estate in fee simple in the land; or

(b) a life estate in the land approved by the Commissioner; or

(c) a perpetual lease of the land granted by the Commonwealth or the State; or

(d) a leasehold interest in the land granted by the Commonwealth or the State that may be converted under the terms of the lease or by statute into an estate in fee simple; or

(e) an interest as purchaser under a contract for the purchase from the Commonwealth or the State of an estate in fee simple in the land by instalments; or

(f) an interest as purchaser of an estate in fee simple under a terms contract; or

(g) a licence or right of occupancy granted by the Commonwealth or the State that gives, in the Commissioner's opinion, the licensee or the holder of the right reasonable security of tenure; or

(h) an interest in a company's shares if the Commissioner is satisfied that—

(i) the interest entitles the holder of the interest to exclusive occupation of a specified home owned by the company; and

(ii) the value of the shares is not less than the value of the company's interest in the home.

(3) Subject to subsection (4)—

(a) an interest is not a relevant interest at a particular time unless the holder of the interest has, or will have within 12 months after that time (or a longer time allowed by the Commissioner), a right to immediate occupation of the land;

(b) an interest is not a relevant interest in the hands of a person who holds it subject to a trust;

S. 5(3)(c) substituted by No. 50/2024 s. 35.

(c) an equitable interest is not a relevant interest unless it is the interest of—

(i) a person under a legal disability for whom a guardian holds the interest on trust; or

(ii) a principal beneficiary of a special disability trust for whom a trustee holds the interest on trust.

(4) The regulations may provide for recognition of an interest as a relevant interest whether or not—

(a) the interest conforms with subsection (3); and

(b) the interest is recognised at law or in equity as an interest in land.

(5) If a first home owner grant is to be paid in consequence of the recognition of an interest as a relevant interest under subsection (4), the Commissioner may impose appropriate conditions on the payment of the grant to ensure its recovery if criteria prescribed in the regulations about future conduct or events are not satisfied.