Applying for assistance for buyers of first homes
131L Applying for assistance for buyers of first homes
In this section —
settlement has the meaning given in the Settlement Agents Act 1981 section 3(1).
A lending institution which has made a loan to a person in order to assist the person to purchase through the agency of a licensed real estate agent carrying on business in the State —
the first dwelling to be owned by the person in the State; or
a partially erected dwelling, being the first dwelling to be owned by the person in the State, and to complete that dwelling,
may, not later than 90 days after the date of settlement of the contract to purchase the dwelling, on behalf of the person lodge with the chief executive officer an application in the approved form for the granting to the person of the whole or any part of the amount of the incidental expenses incurred or to be incurred by the person in connection with a purchase or purchase and completion referred to in this subsection.
Despite subsection (1), the chief executive officer may, in a particular case, allow an application to be lodged after the expiry of the period referred to in that subsection if the chief executive officer is satisfied that reasonable grounds exist to justify late lodgement of the application.
A reference in this section to a dwelling in relation to the making of a loan is a reference to a dwelling that is, or is intended to be, used by the person to whom the loan is made as a home for that person, whether alone or with another person or other persons.
[Section 131L inserted: No. 29 of 1982 s. 10; amended: No. 43 of 1994 s. 7; No. 59 of 1995 s. 35 and 40(2); No. 58 of 2010 s. 123; No. 25 of 2019 s. 58.]
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.