Australian Capital Territory Consolidated Acts

FIRST HOME OWNER GRANT ACT 2000 - SECT 5

    (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 a relevant interest in land:

        (a)     a leasehold interest in the land granted by the Commonwealth;

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

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

        (d)     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 particular 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)     However—

        (a)     an interest is not a relevant interest in land 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; and

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

        (c)     an equitable interest is not a relevant interest in land unless it is the interest of a person under a legal disability for whom a guardian holds the interest on trust.

    (4)     Despite subsections (2) and (3), the regulations may provide for recognition of an interest (a noncomplying interest ) as a "relevant interest" in land—

        (a)     even though the interest may not comply with the subsections; and

        (b)     even though the interest may not be recognised at law or in equity as an interest in land.

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