Commonwealth legislation

Homes Savings Grant Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

139 of 1970

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set the maximum interest rate that a home loan can charge to qualify as a "housing loan" under the Homes Savings Grant Act.

What it does

Fixes the rate at 8.25% per annum (8¼ percent per year)
This number plugs into the definition of "housing loan" in the parent Act
If a loan charges more than 8.25% interest, it won't count as a housing loan for the grant scheme

Who it affects

Home buyers applying for the Homes Savings Grant who need their mortgage to qualify
Banks and lenders setting interest rates for loans that applicants want to use with the grant

Why it matters The main Act left blank what interest rate counts as a "housing loan." These regulations fill in that blank with a specific number, ensuring only loans at or below 8.25% interest are eligible for the government grant.

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Current sections

Direct links to the current provisions in Homes Savings Grant Regulations.

Homes Savings Grant Regulations

STATUTORY RULES

1970 No.

REGULATIONS UNDER THE HOMES SAVINGS GRANT ACT 1964-1970.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Homes Savings Grant Act 1964-1970.

Dated this nineteenth day of September, 1970.

Paul Hasluck

Governor-General.

By His Excellency’s Command,

Signature of Minister of State for Housing

Minister of State for Housing.

HOMES SAVINGS GRANT REGULATIONS

Citation.

These Regulations may be cited as the Homes Savings Grant Regulations.

Housing loan interest.

The rate of eight and one-quarter per centum per annum is prescribed for the purposes of the definition of “housing loan” in sub-section (1.) of section 4b of the Homes Savings Grant Act 1964-1970.

*Notified in the Commonwealth Gazette on 1970.

Printed by Authority by the Government Printer of the Commonwealth of Australia

21319/70—Price 5c 10/14.8.1970

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Homes Savings Grant Regulations