Payment of the Grant
The Commissioner may authorise payment in anticipation of compliance with the residence requirement.
However, should the Grant be paid and the transaction not completed, or the residence requirement not satisfied, you must advise the Commissioner and repay the Grant within 14 days of becoming aware of your inability to meet the requirement.
If you do not, substantial penalties may apply.
Timing for different arrangements:
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Contracts for the purchase of a home.
| Off the plan |
Once the eligible transaction has been completed |
Funds available for settlement |
| Instalment purchase contracts |
When the:
- contract has been operating for one year
- purchaser has paid at least an amount equal to the grant or 10 per cent of the purchase price, whichever is greater
- purchaser is not in default of the contract
and
- purchaser has occupied the home as their principal place of residence
|
N/A |
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| Vendor finance contracts other than instalment purchase contracts |
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| All other purchases |
Once the eligible transaction has been completed |
Funds available for settlement |
Contracts for the construction of a home.
| Once the eligible transaction has been completed |
- On the first draw down of funds if the draw down is for more than the Grant payable
or
- On a subsequent draw down of funds which results in the total funds drawn down equalling or exceeding the Grant payable
|
Construction of a home by an owner builder.
| Once the eligible transaction has been completed |
- On the first draw down of funds if the draw down is for an amount equal to or more than the Grant payable
or
- On a subsequent draw down of funds that results in the total funds drawn down equaling or exceeding the Grant payable.
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