To be eligible for the Buildstart grant:

1. Applicants must have entered into a contract between 27 October 2008 and 31 December 2009 inclusive to purchase a new house or unit or to build a new house. For owner-builders, construction (laying of foundations), must commence between these dates.

The house or unit must be new, that is one that has never been occupied as a residence, including occupation by the builder, a tenant or any other occupant. Where the house or unit is being purchased, it must be the first sale of that home.

A new unit subject to a management agreement or lease for short-term accommodation (eg serviced holiday apartment) is not eligible.

An applicant is ineligible for the grant if the contract replaces a contract made before 27 October 2008 to purchase or build the same or a substantially similar house or unit.

2. Applicants must not be eligible to receive the First Home Owner Grant in relation to the purchase or construction of the house or unit.

Note

In addition to the $7000 First Home Owner Grant provided by the Territory, first home owners receive an additional $14 000 ($21 000 in total) grant under the Commonwealth's First Home Owner Boost scheme for contracts entered into, or for owner builders that commence construction between, 14 October 2008 and 30 September 2009 inclusive and $7000 ($14 000 in total) from 1 October 2009 to 31 December 2009 inclusive.

3. In the case of:

(a) a contract to build a house, and an owner-builder, the construction cost must not exceed $700 000.

(b) a contract to purchase a new house or unit, the purchase price must not exceed $1 000 000.

Applicants must declare there is no other agreement or arrangement where the total purchase consideration or construction cost for a property is in excess of the capped amounts.

4. In the case of:

(a) a contract to build a house, construction (laying of foundations) must commence within 6 months of the date the contract was entered into and the contract must specify that construction will be completed within 18 months of the commencement date. If the contract does not specify a completion date, you are still eligible to receive the grant if construction is completed within the 18 months timeframe.

(b) owner-builders, construction must be completed within 18 months of commencement of construction.

(c) a contract to purchase a residence off-the-plan, the contract if made between:

27 October 2008 and 30 June 2009 inclusive, must specify that the purchase will be completed by 31 December 2010 or if no date is specified, it is actually completed by that date; or

1 July 2009 and 31 December 2009, must specify that the purchase will be completed by 30 June 2011 or if no date is specified, it is actually completed by that date.

Construction is completed when the building is ready for occupation as a place of residence (generally when an occupancy permit is issued). A purchase is completed when you are entitled to possession of the property and if you are to obtain registered title to the property when the necessary steps are taken. This generally occurs at settlement.

5. A Buildstart grant must not have previously been paid in relation to the house or unit.

PAYMENT OF THE GRANT

The date the grant is paid depends on whether you are purchasing or building a house or unit. Payment will be made by electronic funds transfer to your nominated bank account, generally within 5 business days of lodging the application, providing the application is fully completed and all supporting information (see section 5 of the guide to the application) is provided.

For the purchase of a new house or unit, the grant can be made available for settlement by arrangement with your conveyancer or solicitor. In such circumstances, your conveyancer/solicitor must complete section 6 of the application form. The grant will be deposited to the trust account of your conveyancer within 5 business days of the scheduled settlement date or lodgement of the application form together with relevant supporting information, whichever is the later.

Purchase of a new house or unit:

When your name is registered on the title, or if a terms contract, when you have taken possession of the property and purchase instalments of at least $14 000 have been paid; or

At settlement by arrangement with your conveyancer or solicitor.

Contract to build:

If the contract states that construction will be completed within 18 months of commencement, when builders progress payments (excluding the deposit) totalling at least $14 000 have been paid; or

If the contract does not state that construction will be completed within 18 months of commencement, when construction has been completed.

Owner builder:

When you have completed construction of the house.

APPLICATIONS

Applications for the grant are to be made within 12 months of the transaction being completed.