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FHOG Definitions (VIC)
Posted November 17th, 2010
and last modified May 27th, 2011
If you are considering applying for the first home owners grant you will find these definitions helpful when you go to read the terms and conditions or the application form.
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FHOG Definitions (VIC)
- Applicant. Is the person who is applying for the grant.
- Approved agent. Is an organisation that is authorised to process the grant applications.
- Certified copy. Is a copy of an original document that has been signed by an authorised person with the statement ‘I certify that I have sighted the original document and this is a true copy of it’. The authorised person will be a Justice of the Peace, Magistrate, notary public, police officer, dentist, veterinary practitioner, pharmacist, Certified Practising Accountant, Member of Parliament, a minister of religion, medical practitioner and officers of the SRO.
- Commencement date of the eligible transaction. Will be the date of the contract that is used to buy a home or when the foundations are laid if an owner builder.
- Commissioner. Commissioner of State Revenue Victoria.
- Completion of the eligible transaction. Is when the applicant is allowed to take possession of the property or when the building is ready for occupation and a certificate of title has been issued.
- Consideration. Is the purchase price or the cost of construction of the home.
- Contract to build. Is a contract that is entered into where a builder will agree to build a home until it is ready for occupation.
- Eligible transaction. Is a contract to purchase, build or construct a home as an owner builder.
- Established home. Is a home that has been occupied before and is still available for occupation.
- Home. Is a building that is fit for people to live in and that the commissioner sees fit for residence.
- Natural person. Is someone who is not a company or trust.
- New home. Is a home that has not been occupied before and will include off the plan purchases and house and land packages.
- Nominee purchaser. Is an applicant who is not party to the contact of sale but is nominated by the purchaser to receive the property in a transfer.
- Notifiable event. If any of the conditions of the grant are not going to be met then this will be a notifiable event. You must be sure that you notify the commissioner of this event within 14 days of becoming aware.
- Off the plan. Is when a home is purchases in a unregistered plan of a subdivision of land.
- Owner builder. Is an owner who builds a home without entering into a building contract.
- Owner. Is a person who has relevant interest in a home that is being built.
- Permanent residence. Is a person who holds a permanent residency visa or a New Zealand citizen under the Migration Act 1958 (Cth) and Section 32 of the Migration Act 1958 (Cth) respectively.
- Principal place of residence. Is the home that you reside in. With the first home owners grant you will have to reside in the home you bought for a period of 6 months within the first year of owing the home.
- Related or associated party. Is a person who is connected to the applicant by being a spouse, related, shareholder, director, beneficiary and when the transaction is not at arm’s length.
- Relevant interest. Is a person who will be legally entitled to occupy a home that is being bought and will usually be someone who is a proprietor of the title. All people who have a relevant interest in the property will have to be an applicant for the first home owners grant.
- Residential property. Is land that lawfully allows people to live in the property. This can include houses, townhouses, units, flats, duplexes, converted warehouses and fixed moveable homes.
- Spouse partner. Is someone who is legally married to another person. A spouse can include people of the same sex.
- SRO. State Revenue Office of Victoria.
- Terms contract. Is the contract of sale that that will require the person buying the property to make two payments to the seller when the contract is signed. Once the contract is signed and the final payment is made then the title of the property can be transferred.
- Title search. Is the search of the land that will show all the registered owners of the property.
If you are going to apply for the first home owners grant the above definitions will help you understand the contract and the application form.
Related posts:
- FAQ – FHOG General Information (WA)
- First Home Owners Grant (WA)
- Eligibility Criteria First Home Owner Grant (NT)
- FHOG Eligibility To Receive The Grant (VIC)
- Frequently Asked Questions: First Home Owner Grant
- FHOG Supporting Evidence (VIC)
- First Home Owners Bonus FAQ (VIC)
- When Will I Get the First Home Owners Grant?
- First Home Owners Grant FAQ NSW
- Fact Sheet Changes to FHOB in 2009-10 budget (TAS)
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