An instalment contract is an agreement for the purchase of a property where the buyer pays the purchase price by gradual increments without obtaining a transfer of title until the last payment is made.
If you have an instalment contract, the following criteria must also be satisfied before the grant can be paid:
- the contract has been operating for at least 1 year
- you have paid at least 10% of the purchase price or the grant amount, whichever is greater
- you are not in default of the contract
- you have occupied the home as your principal place of residence.