23Acceptable savings of sole applicant to include certain moneys expended in connection with purchase or construction of dwelling‑house

23 Acceptable savings of sole applicant to include certain moneys expended in connection with purchase or construction of dwelling‑house

(1) For the purpose of determining the acceptable savings on a particular date (in this section referred to as the relevant date) of a sole applicant who has made an application for a grant in respect of a dwelling‑house, where any moneys, other than borrowed moneys, were expended on or before the relevant date by the applicant in connexion with the purchase or construction of the dwelling‑house, the Secretary: (a) shall, subject to section 24A, treat the acceptable savings of the sole applicant on the relevant date 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 sole applicant on the relevant date as including the whole or any part of the remainder of those moneys. (2) The reference in subsection (1) to moneys expended by the applicant on or before the relevant date as mentioned in that subsection shall be read as including a reference to one‑half of any moneys so expended by the applicant jointly with another person, being: (a) a person to whom the applicant was legally married on the prescribed date and to whom a direction under subsection 6(2) applies; (b) a person (not being a deceased spouse of the applicant) who was the spouse of the applicant on the relevant date; or (c) a person who, on the relevant date, was engaged to be married to the applicant. (3) In this section, borrowed moneys means: (a) in relation to moneys expended by the sole applicant—moneys borrowed by the sole applicant; and (b) in relation to moneys expended by the sole applicant jointly with another person as mentioned in subsection (2)—moneys borrowed by the sole applicant, by that other person or by both of them.