Queensland Consolidated Acts

FIRST HOME OWNER GRANT AND OTHER HOME OWNER GRANTS ACT 2000 - SECT 8

8 Meaning of relevant interest

(1) A
"relevant interest" in land is—

(a) an estate in fee simple in the land; or

(b) a life estate in the land; or

(c) a perpetual lease of the land granted by the Commonwealth or the State; or

(d) a leasehold interest in the land granted by the Commonwealth or the State that may be converted into an estate in fee simple under the terms of the lease or the Act under which the lease is granted; or

(e) a term lease for pastoral purposes granted under the Land Act 1994 ; or

(f) an interest as purchaser under—

(i) a contract for the purchase from the Commonwealth or the State, or any Commonwealth or State instrumentality or authority, of an estate in fee simple in the land by instalments; or

(ii) an instalment contract under the Property Law Act 1974 , part 6 , division 4 , for the purchase of an estate in fee simple in the land; or

(g) a licence or right of occupancy granted by the Commonwealth or the State, or any Commonwealth or State instrumentality or authority, that gives, in the commissioner’s opinion, the licensee or the holder of the right reasonable security of tenure; or

(h) an interest in a company’s shares if the commissioner is satisfied that—

(i) the interest entitles the holder of the interest to exclusive occupation of a specified home owned by the company; and

(ii) the home was built before the holder of the interest acquired the interest or entered into an agreement to acquire the interest; and

(iii) the value of the shares is not less than the value of the company’s interest in the home; or

(i) another interest declared by regulation to be a relevant interest.

Note—

Also, see the schedule, definition
"residential property" and section 14 .

(2) However—

(a) an interest is not a relevant interest at a particular time unless the holder of the interest has, or will have within 1 year after that time, a right to immediate occupation of the land; and

(b) an interest is not a relevant interest in the hands of a person who holds it subject to a trust.

(3) A regulation under subsection (1) (i) may declare an interest to be a relevant interest in land even though the interest may not be recognised at law or in equity as an interest in land.

(4) If a person holds an interest in land on trust as guardian for a person under a legal disability and the interest would be a relevant interest if it were not for subsection (2) (b) —

(a) the person under the legal disability is taken to be the person who holds a relevant interest in the land; and

(b) the guardian is taken not to hold the interest.