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Agreements or transfers entered into on or after 1 July 2014
What are the eligibity requirements for the grant?
The following requirements must be met to be eligible for the grant:
An agreement or transfer for the purchase of land:
that is the site of a new home that is complete and ready for occupation (new home purchase)
intended to be used as the site of a new home, which is to be built before completion of the agreement (off the plan purchase)
that is intended to be used as the site of a new home and which is not an off the plan purchase (vacant land purchase). Construction of the home, by way of laying foundations, must commence within 26 weeks (or a longer period allowed by the Chief Commissioner) of completion of the purchase. However, there is no limit on the time of construction.
Agreement or transfer of vacant land must be for the whole of the land. If the land is a parcel of land where two or more homes are to be built, the agreement or transfer must be for that part of the land which has exclusive occupancy.
The value of the new home must not exceed $650,000 and the value of vacant land must not exceed $450,000.
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