Homes Tasmania Act 2022

In this section – approved person means – an eligible person; or a home purchase assistance scheme recipient.

The Treasurer may, in writing, approve a class of persons, members of which (home purchase assistance scheme recipients) are to be eligible to receive advances under this Act.

Subject to this Act, Homes Tasmania may make advances to any approved person on a security, if any, satisfactory to Homes Tasmania, for the purpose of enabling the approved person – to erect, as a home for the approved person and the person’s dependants, residential premises on the approved person's holding; or to purchase land and erect residential premises on the land; or to purchase residential premises, together with the land – on which the residential premises are erected; or with which the residential premises are occupied – as a home for the approved person and the person’s dependants or to alter, enlarge, repair, or improve the residential premises; or to complete residential premises, owned by the approved person, that have been partially erected; or to enlarge residential premises owned by the approved person; or to discharge any mortgage, charge, or incumbrance, already existing on the approved person's holding; or to defray the cost of any work that Homes Tasmania has caused to be done on the holding of such person under the provisions of section 88.

Any advance may be made by instalments and be subject to the conditions that are prescribed.

If an advance is for any of the purposes mentioned in subsection (3), other than the purposes mentioned in subsection (3)(c) or (f) – an instalment of the advance may be made before the building is commenced, provided that the total of the amounts advanced as instalments do not exceed four-fifths of the fair estimated value of the applicant's estate or interest in the holding and the permanent improvements on the holding; and the total of the amounts advanced up to any given time must not be more than the value of the progress already made with the building, as certified in writing by a valuer to the satisfaction of Homes Tasmania, in addition to the amount, if any, advanced in accordance with paragraph (a).