{"id":"F2018L00760","name":"Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018","slug":"defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":97353,"registerId":"commonwealth-F2018L00760-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n This instrument is the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n This instrument is made under sections 52 and 53 of the Defence Home Ownership Assistance Scheme Act 2008.","sortOrder":2},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n> Note: A number of expressions used in this instrument are defined in the Act, including the following:\n\n (a) authorisation day;\n (b) monthly authorisation period.\n In this instrument:\n\n> Act means the Defence Home Ownership Assistance Scheme Act 2008.\n\n> Canstar means Canstar Pty Limited ACN 053 646 165.","sortOrder":3},{"sectionNumber":"Part 2","sectionType":"part","heading":"Average house price and median interest rate","content":"## Part 2—Average house price and median interest rate","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Average house price","content":"#### 6 Average house price\n\n For the purposes of subsection 52(1) of the Act, the amount mentioned in column 2 of an item in the following table is the average house price in relation to the financial year mentioned in column 1 of the item.\n\n```html\n

Average house price

Item

Column 1

Financial year

Column 2

Average house price

1

2008‑2009

$467,897

2

2009‑2010

$429,073

3

2010‑2011

$494,432

4

2011‑2012

$508,098

5

2012‑2013

$483,440

6

2013‑2014

$520,271

7

2014‑2015

$579,486

8

2015‑2016

$609,518

9

2016‑2017

$661,729

10

2017‑2018

$700,317

11

2018‑2019

$741,603

12

2019-2020

$718,071

13

2020-2021

$750,608

14

2021-2022

$777,343

15

2022–2023

$1,005,397

16

2023–2024

$912,289

17

2024–2025

$992,412

18

2025–2026

$1,034,225

\n```","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Median interest rate","content":"#### 7 Median interest rate\n\n (1) For the purposes of section 53 of the Act, this section sets out the method for working out an interest rate for a monthly authorisation period for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act.\n Step 1\n (2) List and number, in ascending order of value, the monthly interest rates published by Canstar in relation to owner‑occupier standard variable home loans offered by lending institutions in Australia, at the authorisation day.\n (3) If an interest rate of the same value is offered by more than one lending institution, list those institutions in alphabetical order.\n Step 2\n (4) If the list compiled under step 1 contains an odd number of entries, determine the interest rate that is, numerically, the middle of the list.\n\n> Note: Example: If a list contains 11 entries, the interest rate in the sixth entry in the list would be determined.\n\n (5) If the list compiled under step 1 contains an even number of entries:\n (a) identify the 2 interest rates that are either side of the numerical middle of the list; and\n (b) calculate the sum of the 2 interest rates identified under paragraph (a); and\n (c) divide the sum calculated under paragraph (b) by 2.\n\n> Note: Example: A list contains 12 entries. The interest rate in the sixth entry is 4.6%. The interest rate in the seventh entry is 4.8%. The interest rate identified under step 2 would be 4.6% + 4.8% = 9.4%. Divide this sum by 2. The interest rate determined is 4.7%.\n\n (6) The result in step 2 is the interest rate for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act for the monthly authorisation period.","sortOrder":6}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument implements numeric and procedural determinations authorised by sections 52–53 of the Defence Home Ownership Assistance Scheme Act 2008 (section 3). It supplies figures and a calculation method but does not alter who the Act covers or add new substantive powers; it operationalises the Act rather than expanding its statutory scope (see sections 6–7)."},"complexity_factors":["Sets a long table of fixed average house prices by financial year (section 6) — many numeric entries to apply and update when re‑issued.","Relies on an external published data source (Canstar) for interest rates and requires gathering Canstar’s rates at the authorisation day (sections 5 definition of Canstar; 7(2)).","Specifies procedural tiebreak and median rules: alphabetical ordering when rates are equal (7(3)) and averaging the two middle rates for even counts (7(5)).","Depends on Act definitions (authorisation day; monthly authorisation period) defined outside this instrument, creating cross‑instrument dependency (section 5 note; 7(1)).","Operational requirement to compile and order the list of rates at a specific point in time (7(2)–(5)) — modest administrative step but must be done exactly as prescribed."],"plain_english_summary":"This instrument fixes the numeric average house‑price figures (by financial year) used under the Defence Home Ownership Assistance Scheme Act 2008 and prescribes the exact method for calculating the scheme’s “median interest rate” for a monthly authorisation period using Canstar’s published owner‑occupier standard variable home loan rates.\n\nIt therefore affects how monetary benchmarks and interest inputs are set for calculations under the Scheme (by supplying the numbers and the procedural rule for selecting a median), which in turn changes the arithmetic used to determine scheme outcomes."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: setting the average house price figures and prescribing the median interest rate calculation method for the Defence Home Ownership Assistance Scheme. The table has been updated over time to include newer financial years (now covering 2008-2009 through 2025-2026), but this is the expected operation of the instrument rather than scope creep."},"complexity_factors":["Very short instrument (only 7 sections)","Only 2 defined terms in the instrument itself ('Act' and 'Canstar'), with 2 additional terms referenced from the parent Act","Simple tabular data structure for average house prices with no conditional logic","Straightforward mathematical algorithm for median calculation with clear step-by-step methodology","No cross-references to other legislation beyond the parent Act","No exceptions, exemptions, or nested conditions"],"plain_english_summary":"This instrument fixes the official numbers used to calculate Defence Home Ownership Assistance: it sets average house prices for each financial year 2008–09 to 2025–26 and defines how to determine the monthly median standard variable home loan rate (using Canstar-published rates). It affects Australian Defence Force members and families who receive the subsidy and the Department of Defence, because these figures determine how much home‑purchase assistance is payable."}},"importantCases":[],"_links":{"self":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-","history":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-/history","analysis":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-/analysis","conflicts":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-/conflicts","importantCases":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-/important-cases","documents":"/api/acts/defence-home-ownership-assistance-scheme-average-house-price-and-median-interest-rate-determination-/documents"}}