34BDeclaration of home buyer scheme

34B Declaration of home buyer scheme

(1) The Treasurer, by notice published in the Government Gazette, may declare a scheme to be a home buyer scheme for the purposes of this Part.

(2) A scheme that is declared under subsection (1) to be a home buyer scheme must be a scheme under which—

(a) a person who is acquiring a home or vacant land on which a home is to be constructed may enter into an agreement with the State; and

(b) in accordance with the terms of the agreement, the State contributes to the acquisition of the home or land; and

(c) the State takes an interest in the home or land or in the sale proceeds of the home or land.

(3) A declaration under subsection (1) may specify matters in relation to the scope and administration of the home buyer scheme, including the following—

(a) eligibility requirements for participants in the scheme;

(b) matters relating to type of home or vacant land that may be purchased under the scheme;

(c) terms of agreements entered into under the scheme;

(d) the enforcement of agreements entered into under the scheme;

(e) record keeping requirements;

(f) evidentiary requirements;

(g) conditions of agreements entered into with third parties for the purposes of the administration of the scheme;

(h) any other relevant matter.

S. 34C inserted by No. 22/2021 s. 13.