42CPreservation of Commonwealth entitlement and security

42C Preservation of Commonwealth entitlement and security

(1) If: (a) disregarding sections 41A and 42 and this section, Housing Australia, on behalf of the Commonwealth: (i) is entitled under a Help to Buy arrangement to a return on a contribution made under the Help to Buy arrangement; or (ii) under a Help to Buy arrangement, secures such an entitlement by means of a mortgage or other right relating to a residential property; and (b) apart from this subsection, an effect of section 41A or 42 would be: (i) that Housing Australia is not entitled to that return, or does not secure that entitlement in that way; or (ii) to diminish or restrict that entitlement or security or Housing Australia’s functions or powers in relation to that entitlement or security; section 41A or 42 does not apply to the extent that it would otherwise have the effect described in paragraph (b) of this subsection. (2) To avoid doubt, in subsection (1): (a) a reference to a Help to Buy arrangement includes a reference to a Help to Buy arrangement that Housing Australia would be taken to have entered into if section 41A or 42 were disregarded; and (b) a reference to a contribution made under a Help to Buy arrangement includes a reference to a contribution Housing Australia would be taken to have made, on behalf of the Commonwealth, under a Help to Buy arrangement if section 41A or 42 were disregarded; and (c) a reference to Housing Australia’s functions or powers in relation to an entitlement or security includes a reference to Housing Australia’s functions or powers in relation to a Help to Buy arrangement, to the extent that the Help to Buy arrangement relates to the entitlement or security.