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Help to Buy (Commonwealth Powers) Act 2024
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Turn the raw legal text into a practical explanation grounded in Help to Buy (Commonwealth Powers) Act 2024.
Functions Housing Australia has the following functions under this Act: to enter, on behalf of the Commonwealth, into shared equity arrangements in relation to residential property located in a participating State or a Territory, for the purpose of improving housing outcomes for Australians in the way described in section 3 ; to determine terms and conditions for such arrangements on behalf of the Commonwealth; to administer such arrangements on behalf of the Commonwealth; to monitor compliance with such arrangements; any other functions conferred on Housing Australia by this Act (disregarding sections 15 and 20 ), to the extent that they relate to a participating State or a Territory; any other functions, relating to a participating State or a Territory, prescribed by the regulations for the purposes of this paragraph; to do anything incidental or conducive to the performance of the above functions. To avoid doubt, the terms and conditions mentioned in paragraph (1)(b) include terms and conditions relating to: providing information to Housing Australia; or terminating Help to Buy arrangements; or consequences of non-compliance with Help to Buy arrangements. Obligation to act properly, efficiently and effectively etc. In performing a function mentioned in subsection (1) , Housing Australia must: act in a proper, efficient and effective manner; and take all reasonable steps to comply with the Help to Buy Program Directions. (sch.1-sec.10-ssec) Functions (sch.1-sec.10-ssec.1) Housing Australia has the following functions under this Act: to enter, on behalf of the Commonwealth, into shared equity arrangements in relation to residential property located in a participating State or a Territory, for the purpose of improving housing outcomes for Australians in the way described in section 3 ; to determine terms and conditions for such arrangements on behalf of the Commonwealth; to administer such arrangements on behalf of the Commonwealth; to monitor compliance with such arrangements; any other functions conferred on Housing Australia by this Act (disregarding sections 15 and 20 ), to the extent that they relate to a participating State or a Territory; any other functions, relating to a participating State or a Territory, prescribed by the regulations for the purposes of this paragraph; to do anything incidental or conducive to the performance of the above functions. (sch.1-sec.10-ssec.2) To avoid doubt, the terms and conditions mentioned in paragraph (1)(b) include terms and conditions relating to: providing information to Housing Australia; or terminating Help to Buy arrangements; or consequences of non-compliance with Help to Buy arrangements. (sch.1-sec.10-ssec-oc.2) Obligation to act properly, efficiently and effectively etc. (sch.1-sec.10-ssec.3) In performing a function mentioned in subsection (1) , Housing Australia must: act in a proper, efficient and effective manner; and take all reasonable steps to comply with the Help to Buy Program Directions.