First Home and Housing Construction Grants Regulations 2015

These regulations may be cited as the First Home and Housing Construction Grants

Regulations 2015.

In these regulations—

Act means the First Home and Housing Construction Grants

Act 2000;

Australia's Foreign Investment Policy means the document issued by the Commonwealth Treasurer known as Australia's Foreign

Investment Policy as in force from time to time.

A licence or right of occupancy over land given to a person by a relative is to be recognised, for the purposes of section 5(4) of the Act, as a relevant interest if—

the person has—

entered into a comprehensive home building contract for the construction of a home on the land; or

commenced building a home or having a home built on the land without entering into a comprehensive home building contract; and

the person has, in the Commissioner's opinion, reasonable security of tenure.

For the purposes of section 18BB(3)(b)(ii) of the Act, if a licence or right of occupancy over land given to a person by a relative is recognised under subregulation (1) as a relevant interest because the person has commenced building a home or is having a home built on the land without entering into a comprehensive home building contract, the market value of the home will be taken to be the actual costs to build the home as determined by the Commissioner.

In this regulation—

relative, in relation to a person, means—

a child or remoter lineal descendant of the person or of the spouse or domestic partner of the person;

a parent or remoter lineal ancestor of the person or of the spouse or domestic partner of the person;

a brother or sister of the person or of the spouse or domestic partner of the person;

a child or remoter lineal descendant of the brother or sister of the person or of the spouse or domestic partner of the person;

the spouse or domestic partner of the person or the spouse or domestic partner of any person referred to in paragraph (a), (b) or (c).

The following persons are excluded from the application of section 15 of the Act:

the South Australian Housing Trust;

if the holder of an interest referred to in regulation 4 is the applicant for a first home owner grant—a registered proprietor of the land.

For the purposes of section 40(5) of the Act, the interest rate applicable to the repayment by instalments of an amount to which section 40 of the Act applies under an arrangement entered into by the Commissioner is the interest rate from time to time applying under subregulation (2).

The interest rate that applies under this subregulation is the sum of—

the market rate; and

8% per annum.

The market rate is—

unless an order is in force under paragraph (b), in relation to interest accruing at any time during a particular financial year, the average rate of the daily

90‑day Bank Accepted Bill Rate prescribed by the Reserve Bank of

Australia for the month of May preceding the financial year (rounding up 0.005 to 2 decimal places); or

the rate specified from time to time by order of the Minister published in the Gazette.

For the purposes of section 41(3)(d) of the Act, protected information may be disclosed—

in connection with the administration or enforcement of any of the following:

the Emergency Services Funding

Act 1998;

the First Home Saver Accounts

Act 2008 of the Commonwealth;

the South Australian Housing

Trust Act 1995;

to the Child Support Registrar under the

Child Support (Registration and

Collection) Act 1988 of the Commonwealth for the purposes of administering that Act or the Child Support (Assessment) Act 1989 of the

Commonwealth; or

to the Chief Executive of Centrelink (within the meaning of the

Human Services (Centrelink) Act

1997 of the Commonwealth) for the purposes of administering the social security law within the meaning of the Social Security Act 1991 of the Commonwealth;

or

to the Commonwealth Treasurer in relation to a decision that the

Commonwealth Treasurer may make under the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth or in accordance with Australia's Foreign Investment Policy;

or

to a member of the Foreign Investment Review Board or the Secretary of the Department of the Treasury of the Commonwealth for the purposes of the member or Secretary briefing the Commonwealth Treasurer in relation to a decision that the Commonwealth Treasurer may make under the

Foreign Acquisitions and Takeovers Act

1975 of the Commonwealth or in accordance with Australia's

Foreign Investment Policy; or

to the Official Receiver in Bankruptcy for the purposes of the administration and execution of the Bankruptcy Act 1966 of the Commonwealth;

or

to the Legal Profession Conduct Commissioner or the Law Society within the meaning of the Legal

Practitioners Act 1981 for the purposes of carrying out the Commissioner's or Society's functions under that Act; or

to a council (within the meaning of the

Local Government

Act 1999) for the purposes of assisting the council to determine whether an application for a HomeBuilder grant (within the meaning of section 6A of the Act) has been made in relation to particular development on land within the area of the council; or

to the holder of an office or a body set out in Schedule 1 established under a law of this State, or of another State, a Territory, or of the Commonwealth.