Help to Buy (Commonwealth Powers) Act 2024

This Act may be cited as the Help to Buy (Commonwealth Powers) Act 2024.

In this Act—

amendment matters—

means matters relating to the provision of Commonwealth financial assistance for the purpose of assisting individuals to buy a home, where the financial assistance is provided under a Help to Buy arrangement that—

relates to residential property located in a State; and

is entered into while the State is a participating State; and

without limiting paragraph (a), means matters relating to—

entering into Help to Buy arrangements that satisfy the conditions mentioned in paragraph (a)(i) and (ii); and

administering Help to Buy arrangements of that kind; and

monitoring compliance with Help to Buy arrangements of that kind; and

doing anything incidental or conducive to anything mentioned in subparagraph (i), (ii) or (iii).

amendment reference means the reference of matters under section 3(1)(c).

Commonwealth Help to Buy Act means a Commonwealth Act, as in force from time to time, that is enacted in the terms, or substantially in the terms, of the scheduled text.

express amendment, of the Commonwealth Help to Buy Act—

means the direct amendment of the text of that Act (whether by the insertion, omission, repeal, substitution or relocation of words or matter) by another Commonwealth Act, or by an instrument under a Commonwealth Act; but

does not include the enactment by a Commonwealth Act of a provision that has, or will have, substantive effect otherwise than as part of the text of the Commonwealth Help to Buy Act.

primary text reference means the reference of matters under section 3(1)(a).

referred primary provisions means the scheduled text, other than—

part 2, divisions 2 and 3; and

sections 24(1)(a)(ii), 25(3)(b) and (c), and 38.

referred residual provisions means the scheduled text, other than—

part 2, divisions 1 and 3; and

sections 24(1)(a)(i), 25(3)(a) and (c), and 38.

residual text reference means the reference of matters under section 3(1)(b).

scheduled text means the text of the Bill for a proposed Commonwealth Act, as set out in schedule 1.

Unless the contrary intention appears, words defined in the scheduled text and otherwise used in this Act have the same meaning in this Act as they have in the scheduled text.

The following matters are referred to the Parliament of the Commonwealth—

the matters to which the referred primary provisions relate, but only to the extent of making laws with respect to those matters by including those provisions in a Commonwealth Act enacted in the terms, or substantially in the terms, set out in the scheduled text;

the matters to which the referred residual provisions relate, but only to the extent of making laws with respect to those matters by including those provisions in a Commonwealth Act enacted in the terms, or substantially in the terms, set out in the scheduled text;

the amendment matters, but only to the extent of making laws with respect to those matters by making express amendments of the Commonwealth Help to Buy Act.

The reference in subsection (1)(c) to making laws does not include making a law that would have the effect of—

giving Housing Australia, after a State stops being a participating State, the function of entering into, or the power to enter into, shared equity arrangements that relate to residential property located in the State; or

substantively removing or overriding—

a provision of the Commonwealth Help to Buy Act that requires approval of the State before certain things are done; or

the Commonwealth Help to Buy Act, section 41, 41A or 42.

The reference of a matter under subsection (1) has effect only if and to the extent—

the matter is not included in the legislative powers of the Parliament of the Commonwealth (otherwise than by a reference for the purposes of section 51(xxxvii) of the Commonwealth Constitution); and

the matter is included in the legislative powers of the Parliament of the State.

The operation of each paragraph of subsection (1) is not affected by any of the other paragraphs.

The reference of a matter under subsection (1)—

takes effect when this section commences; and

has effect only until the end of the expiry day for the reference fixed under section 5, if any.

To remove any doubt, it is declared that it is the intention of the Parliament of the State that the Commonwealth Help to Buy Act may be expressly amended, or have its operation otherwise affected, at any time after the commencement of this Act—

by a provision of a Commonwealth Act the operation of which is based on legislative power that the Parliament of the Commonwealth has apart from power under the amendment reference; and

by a provision of an instrument made under the Commonwealth Help to Buy Act or under a provision mentioned in paragraph (a).

The Governor may, at any time by proclamation, fix a day (an expiry day) as the day on which 1 or more of the following references is to terminate—

the primary text reference; orNote—

Under the Commonwealth Help to Buy Act, the State becomes a cooperating State if this reference is terminated and the residual text reference and amendment reference are not terminated.

the residual text reference; orNote—

Under the Commonwealth Help to Buy Act, the State becomes a withdrawn State if this reference is terminated.

the amendment reference.

Note—

Under the Commonwealth Help to Buy Act, the State becomes a withdrawn State if this reference is terminated.

The Governor may, by proclamation, revoke a proclamation made under subsection (1).

A revoking proclamation made under subsection (2) has effect only if it is notified before the expiry day fixed in the proclamation being revoked.

If a revoking proclamation made under subsection (2) has effect, the revoked proclamation is taken, for the purposes of section 3, never to have been notified.

The revocation of a proclamation made under subsection (1) does not prevent notification of a further proclamation under that subsection.

A proclamation under subsection (1) or (2) is subordinate legislation.

The Governor in Council may make regulations under this Act.

This Act is the Help to Buy Act 2023.

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note:

This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

The object of this Act is to give Housing Australia the function of entering into shared equity arrangements on behalf of the Commonwealth in relation to residential property to improve housing outcomes for Australians by assisting low-income and middle-income individuals to buy homes.

This Act gives Housing Australia the function of entering, on behalf of the Commonwealth, into shared equity arrangements (known as Help to Buy arrangements) with buyers of residential property in participating States and in Territories. It also gives Housing Australia the function of continuing to administer existing Help to Buy arrangements when a State stops being a participating State.Note:

A State that has stopped being a participating State is either a cooperating State or a withdrawn State. In performing its Help to Buy functions, Housing Australia must take all reasonable steps to comply with the directions given by the Minister. Housing Australia’s contributions under Help to Buy arrangements are funded by the Commonwealth, and Housing Australia must pay to the Commonwealth all returns from those contributions.

In this Act:

authority of the Commonwealth includes:

a Commonwealth company (within the meaning of the Public Governance, Performance and Accountability Act 2013); and

a Commonwealth entity (within the meaning of that Act).

Board has the same meaning as in the Housing Australia Act 2018.

business day means a day that is not a Saturday, a Sunday or a public holiday in the Australian Capital Territory.

cooperating State has the meaning given by section 36.

enter into a shared equity arrangement has a meaning affected by subsections 7(3) to (6).

extended consultation period has the meaning given by subsection 46(5).

Help to Buy arrangement has the meaning given by section 6.

Help to Buy program means:

this Act; and

the regulations; and

the Help to Buy Program Directions; and

any other legislative instrument made under this Act.

Help to Buy Program Directions has the meaning given by subsection 24(2).

minimum consultation period has the meaning given by subsection 46(3).

National Credit Code has the same meaning as in the National Consumer Credit Protection Act 2009.

participating State has the meaning given by section 35.

residential property:

subject to paragraph (b), includes:

residential property within the meaning of the National Credit Code (disregarding paragraphs (e) and (f) of the definition of residential property in subsection 204(1) of the National Credit Code); and

anything prescribed by the regulations for the purposes of this subparagraph; and

does not include anything prescribed by the regulations for the purposes of this paragraph.

shared equity arrangement has the meaning given by subsections 7(1) and (2).

State or Territory home buyer scheme means a scheme, program or arrangement (whether temporary or otherwise) that:

was established before, on or after the commencement of this Act by an Act of a State, the Australian Capital Territory or the Northern Territory; and

provides financial or other types of assistance to individuals towards the purchase of residential property.

State or Territory home buyer scheme law means a law of a State, the Australian Capital Territory or the Northern Territory, to the extent that the law relates to a State or Territory home buyer scheme.

withdrawn State has the meaning given by section 37.

Subject to subsection (2), a Help to Buy arrangement is a shared equity arrangement in relation to a residential property that Housing Australia enters into, on behalf of the Commonwealth, in the performance of Housing Australia’s function mentioned in paragraph 10(1)(a).

An arrangement in relation to residential property that Housing Australia enters into in the performance of Housing Australia’s functions under the Housing Australia Act 2018 is not a Help to Buy arrangement.

For the purposes of subsection (2) of this section, disregard paragraph 8(1)(ca) of the Housing Australia Act 2018.