17AAcceptable savings to include certain moneys expended in connexion with purchase or construction of dwelling‑house

17A Acceptable savings to include certain moneys expended in connexion with purchase or construction of dwelling‑house

For the purpose of determining the acceptable savings of an eligible person as at any time, where any moneys that were saved in Australia by the person were expended before that time in connexion with the purchase or construction of a dwelling‑house in respect of which an application for a grant under this Act has been made by the person, the Secretary: (a) shall treat the acceptable savings of the person as at that time as including so much of those moneys as were expended: (i) in the payment of the whole or a part of the purchase price of the land on which the dwelling‑house has been constructed or commenced to be constructed; (ii) in the payment of a deposit in respect of the purchase or construction of the dwelling‑house; or (iii) in the purchase of materials to be used in the construction of the dwelling‑house; and (b) may treat the acceptable savings of the person as at that time as including the whole or any part of the remainder of those moneys.