Residents who are not members of a couple
1150 Residents who are not members of a couple
This section applies to a special resident who is not a member of a couple.
Entry contribution above extra allowable amount
If:
this section applies to a special resident; and
the resident’s entry contribution was more than the extra allowable amount;
the resident is to be taken, for the purposes of this Act, to be a homeowner.
Entry contribution equal to or below extra allowable amount
If:
this section applies to a special resident; and
the resident’s entry contribution was equal to or less than the extra allowable amount;
then, for the purposes of this Act:
the resident is to be taken not to have a right or interest in relation to the resident’s principal home; and
the resident’s assets are to be taken to include an asset the value of which is equal to the amount of the resident’s entry contributions; and
sections 198H, 198HA, 198HB, 198J, 198JA and 198JB, subsection 1118(1) and section 1125 do not apply to the asset that the resident is, because of paragraph (d) of this subsection, to be taken to have.
Subsection (3) applies:
whether or not the resident actually has any right or interest in the resident’s principal home; and
whatever the value of any right or interest that the resident does have in the resident’s principal home.
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