Criterion One

Applicants must not have received a BuildBonus grant, whether alone or together with someone else, in relation to another transaction.

Criterion Two

It must be the first BuildBonus grant paid or payable in relation to the property.

Criterion Three

Applicants must have:

(i) executed a contract to purchase a new unit or a new home for a value not exceeding $600 000. Where the parties to the contract are not related the contract purchase price will generally be accepted as evidence of the new unit or home’s value. Where the parties to the contract are related the value of the completed new unit or home must not exceed $600 000; or

(ii) executed a contract to build a home (including a house and land package), where the combined construction cost (at completion) and land value (at the date of entry into the contract) will not exceed $600 000. Where the parties to the contract are related the value of the completed home and land must not exceed $600 000; or

(iii) as an owner builder, commenced construction (laying of foundations) of a home and the combined value of the completed home and land (at completion) will not exceed $600 000;

between 3 May 2011 and 31 December 2012 inclusive.

Criterion Four

Applicants are not eligible to claim BuildBonus in the following circumstances:

if the contract (the subject of this application) replaces a contract made before 3 May 2011 to purchase the same or a substantially similar unit or home or to build the same or a substantially similar home; or

if in purchasing a new unit or home, the purchaser had an option to purchase the unit or home (or a substantially similar unit or home) granted before 3 May 2011 or the vendor had an option to require the purchaser to purchase the unit or home (or a substantially similar unit or home) which was granted before 3 May 2011; or

in the case of a contract to build, a party had a right or option which was granted before 3 May 2011 to require the other party to enter into the contract.

Criterion Five

Applicants are not eligible to claim BuildBonus for a new home where there is already, or will be, another home on the land title on which the home is being built.

However, where the home being built is part of a duplex, BuildBonus will be payable in respect of both homes in the duplex after:

  • the homes have been issued with separate titles; and
  • the duplexes are held subject to different ownership. Different ownership is required as applicants are not able to receive the BuildBonus grant in respect of more than one home or unit.

Criterion Six

In the case of a contract to purchase or build a home, or purchase a new unit, construction of the home or unit complex must commence on or after 3 May 2011 and no later than twenty six (26) weeks of execution of the contract. In addition, the contract must state that construction of the home or unit will be completed within eighteen (18) months of commencement of construction.

If the contract does not state that construction will be completed within eighteen (18) months of commencement, you may be entitled to the grant if the home or unit is completed within this period, but the grant will not be paid until then.

If construction does not commence within twenty six (26) weeks, or is not completed within eighteen (18) months, you may apply to TRO for an extension if you consider the delays were outside your control (for example, inclement weather, availability of certifiers etc).

Criterion Seven

In the case of owner builders, construction must be completed within eighteen (18) months of commencement of construction.

If construction is not completed within eighteen (18) months, you may apply to TRO for an extension if you consider the delays were outside your control (for example, inclement weather, availability of certifiers etc).

Criterion Eight

In the case of a new unit, the grant is not available in relation to units that will be used for short term accommodation (eg, holiday or serviced apartments) under a management agreement or lease.