19Grant not payable unless acceptable savings held and other conditions satisfied

19 Grant not payable unless acceptable savings held and other conditions satisfied

(1) A grant shall not be made to a sole applicant or to joint applicants unless the Secretary is satisfied that acceptable savings were held by the applicant or applicants, as the case may be, on the prescribed date and throughout the period of 1 year ending immediately before the prescribed date. (2) A grant shall not be made in respect of a dwelling‑house in relation to which paragraph 15(1)(c) applies unless the dwelling‑house has been completed or the Secretary is satisfied that substantial progress on the construction has been made. (3) A grant shall not be made in respect of a dwelling‑house unless the Secretary is satisfied that the applicant has or will have, or the applicants have or will have, adequate financial resources (including resources obtained or to be obtained by borrowing) to perform in relation to the dwelling‑house the contract referred to in paragraph 15(1)(a) or (b), or to complete the construction referred to in paragraph 15(1)(c), as the case may be. (4) Subsection (3) does not apply in relation to a contract for the purchase of a dwelling‑house, being a contract that provides for the payment of the purchase price or part of the purchase price by instalments, if the Secretary is satisfied that it would be unreasonable for that subsection to apply having regard to all the circumstances. (5) A grant shall not be made in respect of a dwelling‑house if the value of the dwelling‑house exceeds the amount that, on the date that is the valuation date in relation to the dwelling‑house, was the maximum qualifying value. (6) For the purposes of subsection (5), the maximum qualifying value is $40,000 or, if another amount is prescribed for the purposes of this subsection, that other amount.