24Timeframe requirements

24  Timeframe requirements

 (1) Subject to subsection (2), the timeframe requirements for an arrangement relating to the construction of a new home are as follows:

 (a) if the new home is an off‑the‑plan dwelling:

 (i) the construction of the dwelling must commence before the parties enter into the contract of sale; and

 (ii) the settlement date must be no later than 90 days after the application to enter into the arrangement is approved;

 (b) in all other cases:

 (i) the construction of the new home must commence within 12 months of the day on which the applicant becomes the registered owner of the relevant property (the transfer date); and

 (ii) the construction must be completed within 36 months of the transfer date.

 (2) If Housing Australia is satisfied, in relation to a particular arrangement, that it is necessary or appropriate to adjust the timeframes in subsection (1) in response to the circumstances of the particular case, then the timeframe requirements for that arrangement are the requirements specified by Housing Australia by notice given to the applicant or applicants in writing.