Homes Tasmania Act 2022

Subject to this Act, Homes Tasmania may, under this section, sell, to any eligible person, land, or a share of or interest in land, whether or not there are residential premises situated on the land, if – the person; or the person’s spouse, if any – is not the owner of residential premises within this State.

A person who wishes to purchase land or a share of or interest in land under this section may make, in the prescribed manner and form, if any, an application to Homes Tasmania.

The sale may be at the price, and upon the terms and conditions, that are determined by Homes Tasmania.

A contract of sale under this section is to be a contract of sale – with the applicant as the purchaser; or if the purchaser so stipulates in the purchaser’s application under subsection (2), with the applicant and any eligible person so stipulated.

If the purchaser stipulates in the purchaser’s application under subsection (2) that the contract of sale under this section is to be a contract of sale with the applicant and an eligible person, the transfer in accordance with the contract is to be to the applicant and that person as joint tenants.

If Homes Tasmania determines to sell or transfer land or a share of or interest in land to an applicant, Homes Tasmania may require the applicant to provide to Homes Tasmania the security that Homes Tasmania thinks fit.

Without limiting the generality of subsection (6), if Homes Tasmania determines to sell and transfer land, or a share of or interest in land, to an applicant under this section, Homes Tasmania may require the applicant to – pay to Homes Tasmania as a deposit a sum being at least 5% of the total purchase-price; and execute in favour of Homes Tasmania a memorandum of mortgage for – the balance of any money unpaid and due under the contract of sale; and the payment of the interest payable on that balance by combined instalments.

Subject to section 57(4) – the annual rate of interest to be charged to a purchaser; and the amounts of the monthly or quarterly instalments of principal and interest combined – are to be fixed in accordance with the fixed rate, and the fixed table, respectively, at the time when the purchase is made.

For the purposes of subsection (7)(b), it is not necessary for a mortgage to be a first mortgage.