NEW HOME
A new home is a brand new dwelling that has not been previously occupied as a place of residence or sold as a place of residence. You do not have a contract to purchase a new home (including off-the-plan purchases or substantial renovations) if you have both a land purchase contract and a building contract.
OFF-THE-PLAN PURCHASE
An off-the-plan purchase is a single contract to buy a new home and the relevant interest in the land, which is a proposed lot on an unregistered plan resulting from a subdivision. In some cases, the property may not have been built yet. For example, the purchase of a unit in a unit block, where the unit’s individual lot and plan description will not be available until the strata title has been registered.
CONTRACT TO BUILD
For a contract to build a new home to be eligible, it must be a comprehensive home building contract. That is, a builder undertakes to build a home from the start of the building work (laying of foundations) to the point where the home is ready for occupation (final inspection certificate issued).