14Housing Australia may enter into arrangements with one or more applicants

14  Housing Australia may enter into arrangements with one or more applicants

When Housing Australia may enter into an arrangement

 (1) Housing Australia may enter into an arrangement in relation to a property with an individual, or 2 individuals jointly, where:

 (a) the individual (the applicant), or individuals jointly (each being an applicant), apply for the arrangement in accordance with subsection (2); and

 (b) Housing Australia has approved the application under subsection (4); and

 (c) the approval has not expired or been revoked before the arrangement is entered into; and

 (d) entering into the arrangement would not be contrary to Division 2 of Part 5.

Note 1: See section 15 for the circumstances in which Housing Australia may revoke an approval before entering into an arrangement.

Note 2: Division 2 of Part 5 affects when Housing Australia may enter into arrangements in respect of properties in particular jurisdictions. It also provides for the expiry of approvals in certain circumstances.

 (2) An application for an arrangement must be:

 (a) in writing; and

 (b) if Housing Australia has approved, in writing, and published on its website, the manner and form for an application—made in that manner and form; and

 (c) accompanied by the information or documents required by any such approved form.

 (3) Housing Australia must commence consideration of applications in the order in which Housing Australia receives each application that complies with subsection (2).

When Housing Australia may approve an application to enter into an arrangement

 (4) Housing Australia may approve an application to enter into an arrangement if, at the time it decides the application:

 (a) Housing Australia is satisfied that the dealings with the vendor of the relevant property will be carried out on an arm’s‑length basis; and

 (b) the arrangement would relate to the purchase of the whole of the relevant property, unless subsection 18(1) applies; and

 (c) the applicant, or each applicant, is an eligible applicant (see section 17); and

 (d) the relevant property is an eligible property (see section 21); and

 (e) Housing Australia is satisfied that the mortgage requirements will be met by the settlement date (see section 22); and

 (f) where the arrangement relates to the construction of a new home—Housing Australia is satisfied that:

 (i) the new home contract requirements will be met by the settlement date (see section 23); and

 (ii) the timeframe requirements will be met (see section 24); and