Commonwealth Numbered Regulations - Explanatory Statements

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FIRST HOME OWNERS REGULATIONS (AMENDMENT) 1994 NO. 347

STATUTORY RULES 1994 No. 347

Issued by authority of the Minister for Housing and Regional Development.

FIRST HOME OWNERS ACT 1993

FIRST HOME OWNERS REGULATIONS (AMENDMENT)

Sub-section 42(1) of the First Home Owners Act 1983 ("the Act") provides that the Governor-General may make Regulations not inconsistent with the Act, prescribing matters required or permitted by the Act to be prescribed.

Sub-section 23(1) provides that subject to the Act assistance to a sole applicant or to joint applicants shall be paid in accordance with the regulations.

The termination of the First Home Owners Scheme was announced as part of the Budget delivered on 21 August 1990 the Act was amended to preclude payment of assistance to sole or joint applicants whose prescribed date (date of contract to buy or build or of commencing to build as an owner-builder) was later than 21 August 1990. Eligible applicants (those who currently own and occupy their homes) with prescribed dates immediately prior to 22 August 1990 will continue to receive assistance by way of monthly instalments over a 5 year period ending in August 1995

In view of the costs of keeping the First Home Owners Scheme operative until August 1995 it is proposed to pay applicants a one off sum which is the aggregate of their remaining unpaid monthly entitlements. The maximum possible monthly payment for applicants in their fifth and final year is only $29 and it is expected that their aggregation, with a single final payment of up to approximately $250 in November 1994, would be welcomed by remaining applicants.

The First Home Owners Regulations (Amendment) amends the Regulations by providing that in spite of any other provision of the Regulations the Secretary to the Department of Housing and Regional Development may pay as a lump sum the balance of an amount of assistance that would but for the Regulation be payable to an applicant in instalments.