This instrument gives directions to the Board about the performance of certain functions of Housing Australia under the Act. The Act requires Housing Australia to take all reasonable steps to comply with these directions when performing those functions.
This instrument has 5 Parts. Part 1 deals with preliminary matters, including the definitions of key terms.
Part 2 deals with entry into Help to Buy arrangements. The provisions in Part 2 are relevant to the performance of Housing Australia’s functions in relation to participating States and the Territories. They set out the circumstances in which Housing Australia may enter into a Help to Buy arrangement, including by specifying the individuals and properties in respect of which Housing Australia may enter into such arrangements.
Part 3 deals with participation in the Help to Buy program. The provisions in Part 3 are relevant to the performance of Housing Australia’s functions in relation to both participating and cooperating States and the Territories. Among other things, Part 3 provides for the conditions of participation in Help to Buy arrangements and the consequences of failing to comply with them.
Part 4 sets out how an individual can end a Help to Buy arrangement early. Part 4 is relevant to the performance of Housing Australia’s functions in relation to both participating and cooperating States and the Territories. It provides, among other things, for Housing Australia to accept voluntary early repayments, and for arrangements to end upon the sale of the relevant property (subject to certain exceptions), and covers arrangements for deceased estates of participants.
Part 5 deals with miscellaneous matters, such as Housing Australia’s ability to charge fees in relation to arrangements, the approval of participating lenders, and the making of improvements to relevant properties. Part 5 is relevant to the performance of Housing Australia’s functions in relation to both participating and cooperating States and the Territories.
Division 3—Definitions
5 Definitions
Note: Expressions have the same meaning in this instrument as in the Help to Buy Act 2024 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
adequately insured: see section 6.
administrative costs include legal costs, conveyancing costs and stamp duty, where applicable.
agreed percentage: see section 16.
allocated: a place is allocated where it is made available for use for an arrangement in respect of property in a particular State or Territory under section 48 or 50.
arrangement means a Help to Buy arrangement.
Australian Defence Force has the same meaning as in the Defence Act 1903.
Australian Statistical Geography Standard means the Australian Statistical Geography Standard (ASGS) Edition 3, as published by the Australian Statistician on 20 July 2021.
Note: The Australian Statistical Geography Standard could in 2025 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au).
capital city, of a State or the Northern Territory, means the Greater Capital City Statistical Area (within the meaning of the Australian Statistical Geography Standard) in that State or Territory.
committed: a place is committed where:
(a) an applicant or applicants have applied for an arrangement; and
(b) Housing Australia has not yet approved the application under subsection 14(4); and
(c) Housing Australia has decided that it is reasonably likely that the applicant or applicants will satisfy paragraph 14(4)(c) (eligibility), disregarding the financial capacity test; and
(d) the applicant or applicants have obtained mortgage pre‑approval from a participating lender for such funds as they are likely to require in order to purchase the relevant property (when combined with their deposit and the Commonwealth’s contribution).
Commonwealth company has the meaning given by section 89 of the Public Governance, Performance and Accountability Act 2013.
Commonwealth entity has the meaning given by section 10 of the Public Governance, Performance and Accountability Act 2013.
Commonwealth share: see section 25.
Commonwealth share percentage: see paragraph 25(1)(b).
CPI index number: see section 56.
credit activities has the same meaning as in the National Consumer Credit Protection Act 2009.
credit service has the same meaning as in the National Consumer Credit Protection Act 2009.
dependent child: an individual is a dependent child of a second individual (the adult) if:
(a) the adult is a natural or adoptive parent or a legal guardian of the child; and
(b) either:
(i) the individual is a dependent child of the adult within the meaning of subsections 5(2) to (7) of the Social Security Act 1991; or
(ii) the individual lives with the adult and is in receipt of a disability support pension within the meaning of the Social Security Act 1991.
disqualifying property interest: an individual holds a disqualifying property interest if they hold:
(a) a freehold interest in real property in Australia; or
(b) a lease of land in Australia (including a renewal or extension of such a lease) as described in paragraph 104‑115(1)(b) of the Income Tax Assessment Act 1997; or
(c) a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) in land in Australia;
including a beneficial interest in any of the above.
eligible applicant: see section 17.
eligible property: see section 21.
financial capacity test, in relation to an applicant for an arrangement: see section 20.
hardship includes financial hardship.
income test, in relation to an applicant for an arrangement: see section 19.
Investment Mandate has the same meaning as in the Housing Australia Act 2018.
joint income threshold: see section 8.
lender means a person who carries on a business of making loans.
mortgage requirements: see section 22.
new home means a dwelling that meets the requirements of paragraph 40‑75(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999, other than a dwelling that, prior to sale, has been rented or leased, or made available for rental or lease, as commercial residential premises or residential premises (as those terms are defined in that Act).
new home contract requirements: see section 23.
participant: see section 10.
participating lender means a lender that has been approved by Housing Australia under section 62, and has not been notified, in writing, that the approval has been revoked.
participation requirements: see section 28 and Schedule 1.
price cap: see section 7.
place means the opportunity to enter into an arrangement.
population of a State or a Territory, or of Australia, for a particular financial year, means the population of the State, Territory, or Australia, as most recently estimated and published by the Australian Statistician as at 30 June of the preceding financial year.
Note: The Australian Statistician’s estimates of population could in 2025 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au) in quarterly publications titled National, state and territory population.
purchase price, in relation to:
(a) a house and land package; or
(b) separate arrangements for the purchase of land and the construction of a dwelling on that land;
means the sum of the purchase price for the land and the contract price for the construction of a dwelling on that land.
regional centre: see subsection 7(2).
relevant property means the residential property that is, or is to be, the subject of an arrangement.
repayment means a payment made by a participant in an arrangement to reduce the Commonwealth share in respect of the relevant property.
shared equity scheme means a scheme (other than an arrangement) in relation to a residential property that is an arrangement or contract with one or more individuals under which the Commonwealth, or a State or Territory:
(a) contributes (including by means of a loan) part of the cost of the individual or individuals acquiring the residential property; and
(b) is entitled to a return on that contribution worked out, in whole or in part, by reference to the value of the residential property at one or more times; and
(c) secures that entitlement by means of a mortgage or other right relating to the residential property.
single, in relation to an individual, means an individual that does not have a spouse or de facto partner.
single income threshold: see section 8.
single parent means a single individual who has at least one dependent child.
Note: A single parent includes someone who has legal guardianship of a child: see the definition of “dependent child”.
Statistical Area Level 4 area has the same meaning as in the Australian Statistical Geography Standard.
taxable income has the meaning given by the Income Tax Assessment Act 1997.
the Act means the Help to Buy Act 2024.
timeframe requirements: see section 24.
used: a place is used when Housing Australia approves an application to enter into an arrangement with a participant or joint participants in respect of the place (whether or not the arrangement is actually entered into at that time).
wage price index number, for a quarter, is the Wage Price Index (total hourly rates of pay excluding bonuses/all sectors/all Australia/original) number published by the Australian Statistician in respect of that quarter.
Note: The Wage Price Index could in 2025 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au).