24Acceptable savings of joint applicants to include certain moneys expended in connection with purchase or construction of dwelling‑house

24 Acceptable savings of joint applicants 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 joint applicants who have 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 any of the joint applicants, or jointly by 2 or more of the joint applicants, 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 joint applicants 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 joint applicants 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 a joint 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 that joint applicant jointly with another person (not being a joint applicant), being: (a) a person to whom the joint 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 joint applicant on the relevant date; or (c) a person who, on the relevant date, was engaged to be married to the joint applicant. (3) In this section, borrowed moneys means: (a) in relation to moneys expended by any joint applicant or jointly by 2 or more joint applicants—moneys borrowed by any of the joint applicants; and (b) in relation to moneys expended by a joint applicant jointly with another person as mentioned in subsection (2)—moneys borrowed by the joint applicant, by that other person or by both of them.