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Glossary of Terms for First Home Owner Grant

26th Parallel                                                                        The 26th parallel (south) is a circle of latitude that is 26 degrees south of the equator. As an example, in Western Australia, the town of Denham is north of the 26th parallel and the town of Kalbarri is south of the 26th parallel.
Applicant                                                                               

A person applying for a grant who, on completion of the purchase of a home or construction of a new home, will own or hold a relevant interest in the land on which the home is built.

 

Approved agent                                                                  

An organisation approved by OSR that is authorised to process applications for the First Home Owner Grant.

 

Australian citizen                                                             

A person who is an Australian citizen under the Australian Citizenship Act 1948 of the Commonwealth.

 

Cap amount                                                                        The cap amount for a home south of the 26th parallel is $750,000 and north of the 26th parallel is $1,000,000.
Certified copy                                                                   

A true copy of an original document that has been sighted and certified by an authorised person * and noted as follows: ‘I certify that I have sighted the original document and this is a true copy of it’. This certification must have the Certifier’s Name, Title, Registration number (where applicable) and be signed and dated.

*An authorised person includes a legal practitioner, Justice of the Peace (JP), magistrate, Member of Parliament, public servant, medical practitioner, dentist, veterinary practitioner, pharmacist, primary or secondary teacher, police officer, certified practicing accountant, a minister of religion, mortgage broker and officers of OSR.

 

Commencement date of the eligible transaction      

Date of contract to purchase or build a home, or for an owner builder – date the foundations commenced to be laid.

 

Commissioner                                                                   

Commissioner of State Revenue Western Australia.

 

Completion of the eligible transaction                         

Date of settlement – in the case for the purchase of a home or date when the building is ready for occupation as a place of residence – in the case of a home being built.

 

Contract to build                                                              

A comprehensive building contract where a builder agrees to build a home, from the time the building starts to when it is finished and is ready for occupation.

 

Consideration                                                                   

Purchase price or cost of construction of the home.

 

De facto partner                                                               

A person who, on the commencement date of the eligible transaction to which the application relates, is living in a de facto relationship with the applicant and has lived on that basis with the applicant for at least 2 years.

 

Eligible transaction                                                         

Contract for the purchase of a home,contract to build a home or construct a home as an owner builder on or after 1 July 2000.

 

Established home                                                              

A home that has been previously occupied and is lawfully fit for occupation.

 

Home                                                                                 

A building, affixed to land, that may be lawfully used as a place of residence and is, in the Commissioner’s opinion, suitable for use as a place of residence.

 

Natural person                                                                   

A person (does not include a company or trust).

 

New home                                                                         

A home that has not previously been lived in or sold as a place of residence.

 

Notifiable event                                                               

When any part of the eligibility criteria is not met, the applicant(s) must notify the Commissioner within 30 days of the event.

Examples would be where an applicant is not able to occupy the home as their principal place of residence within 12 months of completion of the eligible transaction or where the total value of the property exceeds the cap amount.

 

Off the plan                                                                       

A contract for the purchase of the home on a proposed lot in an unregistered plan of a subdivision of land.

 

OSR                                                                                     

The Office of State Revenue of Western Australia.

 

Owner                                                                                   

A person who has a relevant interest in land on which ahome is built.

 

Owner builder                                                                   

An owner of land who builds a home or has a home built, on the land without entering into a contract to build.

 

Permanent resident                                                        

A person who holds a permanent residency visa (under Section 30 of the Migration Act 1958 of the Commonwealth (Cwth) or a New Zealand citizen who is the holder of a special category visa (under Section 32 of the Migration Act 1958 of the Cwth).

 

Principal place of residence                                                  

The home you primarily reside in. This home must be occupied by all applicants for acontinuous period of at least 6 months commencing within 12 months of the completion of the eligible transaction.

 

Related or associated party                                          

A person is related to or associated with another party when:
(i) one is the
 spouse/de facto partner of the other; or
(ii) they are related by blood, marriage or adoption; or
(iii) they are a shareholder or director of the other party, being a company; or
(iv) they are a beneficiary of a trust for which the other party is a trustee; or
(v) the transaction is otherwise not at arm’s length.

 

Relevant interest                                                            

A person with a relevant interest may be described as someone who will have a legal entitlement to occupy the home being bought or constructed. Usually this will be the person(s) registered as proprietor on the Title. This commonly is an estate in fee simple. Other forms of interest are defined in the First Home Owner Grant Act 2000. Each person acquiring a ‘relevant interest’ must be an applicant on this form.

 

Residential property                                                       

Land in Australia on which there is a home which is lawfully occupied or suitable for occupation. This includes houses, townhouses, units, flats, duplexes, converted warehouses and fixed moveable homes.

 

Spouse                                                                               

A person is a spouse of another if they are legally married to each other.

 

Title search                                                                       

A search on the land which shows the names of the registered owners. A title search can be obtained from Landgate at www.landgate.wa.gov.au

Total Value                                                                       

For a new home, established home or an off the plan, the greater of the consideration for the contract to purchase, or the unencumbered value.

 

Unencumbered Value                                                        A common definition of unencumbered value means having no encumberance, such as a mortgage or loan. For detailed definition of the term as it applies to the first home owner grant, see section 14AE of the First Home Owner Grant Act 2000.

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