Part 1
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Commonwealth legislation
The Investment Mandate Direction instructs Housing Australia how to spend and invest to boost affordable and social housing: it creates four funding programs (for low‑cost lending, housing infrastructure, and facilities to deliver 40,000 targeted dwellings), runs a Home Guarantee scheme to help buyers with smaller deposits, and funds capacity‑building for community housing providers.
It affects community housing providers, governments, councils, charities, eligible home buyers, and vulnerable groups (including women fleeing violence and homeless youth), and is the government’s main tool to increase housing supply and access.
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Direct links to the current provisions in Housing Australia Investment Mandate Direction 2018.
This instrument is the Housing Australia Investment Mandate Direction 2018.
This instrument is made under subsection 12(1) of the Housing Australia Act 2018.
Note: A number of expressions used in this Direction are defined in the Act, including the following:
(a) Board;
(aa) guarantee liabilities;
(c) registered community housing provider.
In this Direction:
Act means the Housing Australia Act 2018.
AHBA (for Affordable Housing Bond Aggregator) means the bond aggregator established for section 6 and Part 3.
Australian Statistical Geography Standard means the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2016, published by the Australian Bureau of Statistics, as existing at the time this instrument commenced.
Note: The Standard could in 2022 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au).
capacity building contract means a contract made under Part 5 with a person or entity for the provision of services to a registered community housing provider.
capital city—see subsection 4A(1).
child means a person aged under 16.
Commercial Financier means a private sector body that finances or invests in projects relating to infrastructure or housing.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
crisis and transitional housing—see subsection 21A(5).
crisis and transitional housing project—see subsection 21A(4).
crisis and transitional housing special purpose vehicle—see subsection 22BA(2).
eligible home buyer—see section 29D.
eligible lender—see section 29B.
eligible loan—see section 29C.
eligible single legal guardian—see section 29D.
eligible single parent—see section 29D.
Family Home Guarantee means:
(a) a guarantee issued under subsection 29IB(1); or
(b) a guarantee issued during the 2021-22 financial year under subsection 29IB(1) (as in force immediately before 1 July 2022).
family violence has the same meaning as in section 4AB of the Family Law Act 1975.
financing application means an application to Housing Australia for the making of a loan or grant.
financing decision means a decision to make a loan or grant.
First Home Guarantee means a guarantee issued under section 29I.
HAFFF (for Housing Australia Future Fund Facility) means the facility established for section 7A and Part 4A.
HAFFF availability payment—see subsection 28N(4).
HAFFF construction compliant—see subsection 28E(4).
HAFFF project—see subsection 28E(1).
HAFFF special purpose vehicle—see subsection 28F(2).
HAFFF upfront grant—see subsection 28N(4).
Home Guarantee Scheme—see section 8A.
housing-enabling infrastructure—see subsection 21A(2).
housing-enabling infrastructure project—see subsection 21A(1).
housing-enabling infrastructure special purpose vehicle—see subsection 22(2).
index number—see section 4B.
local governing body has the same meaning as in the Local Government (Financial Assistance) Act 1995.
major bank means one of the following groups of entities, treated as a single entity:
(a) the Australia and New Zealand Banking Group Limited (ACN 005 357 522) and its related bodies corporate;
(b) the Commonwealth Bank of Australia (ACN 123 123 124) and its related bodies corporate;
(c) National Australia Bank Limited (ACN 004 044 937) and its related bodies corporate;
(d) Westpac Banking Corporation (ACN 007 457 141) and its related bodies corporate.
minimum target value, of the Permanent Fund—see section 14.
NCC means the National Construction Code 2022 as existing on 1 October 2023.
Note: In 2023, the National Construction Code 2022 could be viewed on the National Construction Code website (http://ncc.abcb.gov.au).
new dwelling contract requirements—see section 29CA.
New Home Guarantee means a guarantee issued under section 29IA.
newly built dwelling means a dwelling that meets the requirements of subsection 40-75(1) 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).
NHAF (for National Housing Accord Facility) means the facility established for section 7B and Part 4B.
NHAF construction compliant—see subsection 28S(4).
NHAF project—see subsection 28S(1).
NHAF special purpose vehicle—see subsection 28T(2).
NHIF (for National Housing Infrastructure Facility) means the facility established for section 7 and Part 4.
Permanent Fund—see section 13.
permanent resident has the same meaning as in the Australian Citizenship Act 2007.
price cap—see section 29F.
project proponent means the entity responsible for a project.
regional area—see subsection 4A(3).
regional centre—see subsection 4A(2).
Regional First Home Buyer Guarantee means a guarantee issued under section 29IBA.
registered charity means an entity registered under the Australian Charities and Not for profits Commission Act 2012.
related body corporate has the same meaning as in the Corporations Act 2001.
residential property has the same meaning as in the National Consumer Credit Protection Act 2009.
social or affordable housing project—see subsection 21A(3).
social or affordable housing special purpose vehicle—see subsection 22A(2).
Statistical Area Level 4 area has the same meaning as in the Australian Statistical Geography Standard.
timeframe requirements—see section 29CB.
underlying eligible member:
(a) of a housing-enabling infrastructure special purpose vehicle—means a member of the housing-enabling infrastructure special purpose vehicle that is an entity mentioned in paragraphs 22(1)(a) to (f); or
(b) of a social or affordable housing special purpose vehicle—means a member of the social or affordable housing special purpose vehicle that is an entity mentioned in paragraphs 22A(1)(a) to (f); or
(ba) of a crisis and transitional housing special purpose vehicle—means a member of the crisis and transitional housing special purpose vehicle that is an entity mentioned in paragraphs 22BA(1)(a) to (g); or
(c) of a HAFFF special purpose vehicle—means a member of the HAFFF special purpose vehicle that is an entity mentioned in paragraphs 28F(1)(a) to (i); or
(d) of a NHAF special purpose vehicle—means a member of the NHAF special purpose vehicle that is an entity mentioned in paragraphs 28T(1)(a) to (i).
unissued, in relation to guarantees that Housing Australia may issue under the Home Guarantee Scheme, means the difference between the number of guarantees that Housing Australia may issue in a financial year (worked out under section 29I, 29IA or 29IB), and the number of guarantees issued in the financial year.
value, in relation to a residential property, means the value assessed by the eligible lender at the time a loan is entered into, in accordance with standard lending practice in the residential mortgage market.
woman means a person whose gender identity (within the meaning of the Sex Discrimination Act 1984) is female.
youth means a person aged between 16 and 24.
(1) The capital city of a State or the Northern Territory is the Greater Capital City Statistical Area (within the meaning of the Australian Statistical Geography Standard) in that State or Territory. (2) A regional centre for a State specified in an item in the following table is one of the Statistical Area Level 4 areas specified in that item.
| Item | State | Regional Centre |
|---|---|---|
| 1 | New South Wales | Newcastle and Lake MacquarieIllawarra |
| 2 | Victoria | Geelong |
| 3 | Queensland | Gold CoastSunshine Coast |
(3) A regional area is: (a) a Statistical Area Level 4 area in a State or the Northern Territory that is not the capital city of that State or Territory; or (b) Norfolk Island; or (c) the Jervis Bay Territory; or (d) the Territory of Christmas Island; or (e) the Territory of Cocos (Keeling) Islands.
(1) The index number for a quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician in respect of that quarter. (2) Subject to subsection (3), if, at any time before or after the commencement of this instrument: (a) the Australian Statistician has published or publishes an index number in respect of a quarter; and (b) that index number is in substitution for an index number previously published by the Australian Statistician in respect of that quarter; disregard the publication of the later index number for the purposes of this section. (3) If, at any time before or after the commencement of this instrument, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of applying this section after the change took place or takes place, have regard only to index numbers published in terms of the new index reference period.
The purpose of this Direction is to give directions to the Board in relation to the performance of Housing Australia’s functions under section 8 of the Act.
Note: This Direction, with any other directions made under subsection 12(1) of the Act, together constitute the Investment Mandate for Housing Australia.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Housing Australia Investment Mandate Direction 2018.
This instrument is made under subsection 12(1) of the Housing Australia Act 2018.
Note: A number of expressions used in this Direction are defined in the Act, including the following:
(a) Board;
(aa) guarantee liabilities;
(c) registered community housing provider.
In this Direction:
Act means the Housing Australia Act 2018.
AHBA (for Affordable Housing Bond Aggregator) means the bond aggregator established for section 6 and Part 3.
Australian Statistical Geography Standard means the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2016, published by the Australian Bureau of Statistics, as existing at the time this instrument commenced.
Note: The Standard could in 2022 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au).
capacity building contract means a contract made under Part 5 with a person or entity for the provision of services to a registered community housing provider.
capital city—see subsection 4A(1).
child means a person aged under 16.
Commercial Financier means a private sector body that finances or invests in projects relating to infrastructure or housing.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
crisis and transitional housing—see subsection 21A(5).
crisis and transitional housing project—see subsection 21A(4).
crisis and transitional housing special purpose vehicle—see subsection 22BA(2).
eligible home buyer—see section 29D.
eligible lender—see section 29B.
eligible loan—see section 29C.
eligible single legal guardian—see section 29D.
eligible single parent—see section 29D.
Family Home Guarantee means:
(a) a guarantee issued under subsection 29IB(1); or
(b) a guarantee issued during the 2021-22 financial year under subsection 29IB(1) (as in force immediately before 1 July 2022).
family violence has the same meaning as in section 4AB of the Family Law Act 1975.
financing application means an application to Housing Australia for the making of a loan or grant.
financing decision means a decision to make a loan or grant.
First Home Guarantee means a guarantee issued under section 29I.
HAFFF (for Housing Australia Future Fund Facility) means the facility established for section 7A and Part 4A.
HAFFF availability payment—see subsection 28N(4).
HAFFF construction compliant—see subsection 28E(4).
HAFFF project—see subsection 28E(1).
HAFFF special purpose vehicle—see subsection 28F(2).
HAFFF upfront grant—see subsection 28N(4).
Home Guarantee Scheme—see section 8A.
housing-enabling infrastructure—see subsection 21A(2).
housing-enabling infrastructure project—see subsection 21A(1).
housing-enabling infrastructure special purpose vehicle—see subsection 22(2).
index number—see section 4B.
local governing body has the same meaning as in the Local Government (Financial Assistance) Act 1995.
major bank means one of the following groups of entities, treated as a single entity:
(a) the Australia and New Zealand Banking Group Limited (ACN 005 357 522) and its related bodies corporate;
(b) the Commonwealth Bank of Australia (ACN 123 123 124) and its related bodies corporate;
(c) National Australia Bank Limited (ACN 004 044 937) and its related bodies corporate;
(d) Westpac Banking Corporation (ACN 007 457 141) and its related bodies corporate.
minimum target value, of the Permanent Fund—see section 14.
NCC means the National Construction Code 2022 as existing on 1 October 2023.
Note: In 2023, the National Construction Code 2022 could be viewed on the National Construction Code website (http://ncc.abcb.gov.au).
new dwelling contract requirements—see section 29CA.
New Home Guarantee means a guarantee issued under section 29IA.
newly built dwelling means a dwelling that meets the requirements of subsection 40-75(1) 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).
NHAF (for National Housing Accord Facility) means the facility established for section 7B and Part 4B.
NHAF construction compliant—see subsection 28S(4).
NHAF project—see subsection 28S(1).
NHAF special purpose vehicle—see subsection 28T(2).
NHIF (for National Housing Infrastructure Facility) means the facility established for section 7 and Part 4.
Permanent Fund—see section 13.
permanent resident has the same meaning as in the Australian Citizenship Act 2007.
price cap—see section 29F.
project proponent means the entity responsible for a project.
regional area—see subsection 4A(3).
regional centre—see subsection 4A(2).
Regional First Home Buyer Guarantee means a guarantee issued under section 29IBA.
registered charity means an entity registered under the Australian Charities and Not for profits Commission Act 2012.
related body corporate has the same meaning as in the Corporations Act 2001.
residential property has the same meaning as in the National Consumer Credit Protection Act 2009.
social or affordable housing project—see subsection 21A(3).
social or affordable housing special purpose vehicle—see subsection 22A(2).
Statistical Area Level 4 area has the same meaning as in the Australian Statistical Geography Standard.
timeframe requirements—see section 29CB.
underlying eligible member:
(a) of a housing-enabling infrastructure special purpose vehicle—means a member of the housing-enabling infrastructure special purpose vehicle that is an entity mentioned in paragraphs 22(1)(a) to (f); or
(b) of a social or affordable housing special purpose vehicle—means a member of the social or affordable housing special purpose vehicle that is an entity mentioned in paragraphs 22A(1)(a) to (f); or
(ba) of a crisis and transitional housing special purpose vehicle—means a member of the crisis and transitional housing special purpose vehicle that is an entity mentioned in paragraphs 22BA(1)(a) to (g); or
(c) of a HAFFF special purpose vehicle—means a member of the HAFFF special purpose vehicle that is an entity mentioned in paragraphs 28F(1)(a) to (i); or
(d) of a NHAF special purpose vehicle—means a member of the NHAF special purpose vehicle that is an entity mentioned in paragraphs 28T(1)(a) to (i).
unissued, in relation to guarantees that Housing Australia may issue under the Home Guarantee Scheme, means the difference between the number of guarantees that Housing Australia may issue in a financial year (worked out under section 29I, 29IA or 29IB), and the number of guarantees issued in the financial year.
value, in relation to a residential property, means the value assessed by the eligible lender at the time a loan is entered into, in accordance with standard lending practice in the residential mortgage market.
woman means a person whose gender identity (within the meaning of the Sex Discrimination Act 1984) is female.
youth means a person aged between 16 and 24.
(1) The capital city of a State or the Northern Territory is the Greater Capital City Statistical Area (within the meaning of the Australian Statistical Geography Standard) in that State or Territory. (2) A regional centre for a State specified in an item in the following table is one of the Statistical Area Level 4 areas specified in that item.
| Item | State | Regional Centre |
|---|---|---|
| 1 | New South Wales | Newcastle and Lake MacquarieIllawarra |
| 2 | Victoria | Geelong |
| 3 | Queensland | Gold CoastSunshine Coast |
(3) A regional area is: (a) a Statistical Area Level 4 area in a State or the Northern Territory that is not the capital city of that State or Territory; or (b) Norfolk Island; or (c) the Jervis Bay Territory; or (d) the Territory of Christmas Island; or (e) the Territory of Cocos (Keeling) Islands.
(1) The index number for a quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician in respect of that quarter. (2) Subject to subsection (3), if, at any time before or after the commencement of this instrument: (a) the Australian Statistician has published or publishes an index number in respect of a quarter; and (b) that index number is in substitution for an index number previously published by the Australian Statistician in respect of that quarter; disregard the publication of the later index number for the purposes of this section. (3) If, at any time before or after the commencement of this instrument, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of applying this section after the change took place or takes place, have regard only to index numbers published in terms of the new index reference period.
The purpose of this Direction is to give directions to the Board in relation to the performance of Housing Australia’s functions under section 8 of the Act.
Note: This Direction, with any other directions made under subsection 12(1) of the Act, together constitute the Investment Mandate for Housing Australia.
This instrument is the Housing Australia Investment Mandate Direction 2018.
This instrument is made under subsection 12(1) of the Housing Australia Act 2018.
Note: A number of expressions used in this Direction are defined in the Act, including the following:
(a) Board;
(aa) guarantee liabilities;
(c) registered community housing provider.
In this Direction:
Act means the Housing Australia Act 2018.
AHBA (for Affordable Housing Bond Aggregator) means the bond aggregator established for section 6 and Part 3.
Australian Statistical Geography Standard means the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2016, published by the Australian Bureau of Statistics, as existing at the time this instrument commenced.
Note: The Standard could in 2022 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au).
capacity building contract means a contract made under Part 5 with a person or entity for the provision of services to a registered community housing provider.
capital city—see subsection 4A(1).
child means a person aged under 16.
Commercial Financier means a private sector body that finances or invests in projects relating to infrastructure or housing.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
crisis and transitional housing—see subsection 21A(5).
crisis and transitional housing project—see subsection 21A(4).
crisis and transitional housing special purpose vehicle—see subsection 22BA(2).
eligible home buyer—see section 29D.
eligible lender—see section 29B.
eligible loan—see section 29C.
eligible single legal guardian—see section 29D.
eligible single parent—see section 29D.
Family Home Guarantee means:
(a) a guarantee issued under subsection 29IB(1); or
(b) a guarantee issued during the 2021-22 financial year under subsection 29IB(1) (as in force immediately before 1 July 2022).
family violence has the same meaning as in section 4AB of the Family Law Act 1975.
financing application means an application to Housing Australia for the making of a loan or grant.
financing decision means a decision to make a loan or grant.
First Home Guarantee means a guarantee issued under section 29I.
HAFFF (for Housing Australia Future Fund Facility) means the facility established for section 7A and Part 4A.
HAFFF availability payment—see subsection 28N(4).
HAFFF construction compliant—see subsection 28E(4).
HAFFF project—see subsection 28E(1).
HAFFF special purpose vehicle—see subsection 28F(2).
HAFFF upfront grant—see subsection 28N(4).
Home Guarantee Scheme—see section 8A.
housing-enabling infrastructure—see subsection 21A(2).
housing-enabling infrastructure project—see subsection 21A(1).
housing-enabling infrastructure special purpose vehicle—see subsection 22(2).
index number—see section 4B.
local governing body has the same meaning as in the Local Government (Financial Assistance) Act 1995.
major bank means one of the following groups of entities, treated as a single entity:
(a) the Australia and New Zealand Banking Group Limited (ACN 005 357 522) and its related bodies corporate;
(b) the Commonwealth Bank of Australia (ACN 123 123 124) and its related bodies corporate;
(c) National Australia Bank Limited (ACN 004 044 937) and its related bodies corporate;
(d) Westpac Banking Corporation (ACN 007 457 141) and its related bodies corporate.
minimum target value, of the Permanent Fund—see section 14.
NCC means the National Construction Code 2022 as existing on 1 October 2023.
Note: In 2023, the National Construction Code 2022 could be viewed on the National Construction Code website (http://ncc.abcb.gov.au).
new dwelling contract requirements—see section 29CA.
New Home Guarantee means a guarantee issued under section 29IA.
newly built dwelling means a dwelling that meets the requirements of subsection 40-75(1) 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).
NHAF (for National Housing Accord Facility) means the facility established for section 7B and Part 4B.
NHAF construction compliant—see subsection 28S(4).
NHAF project—see subsection 28S(1).
NHAF special purpose vehicle—see subsection 28T(2).
NHIF (for National Housing Infrastructure Facility) means the facility established for section 7 and Part 4.
Permanent Fund—see section 13.
permanent resident has the same meaning as in the Australian Citizenship Act 2007.
price cap—see section 29F.
project proponent means the entity responsible for a project.
regional area—see subsection 4A(3).
regional centre—see subsection 4A(2).
Regional First Home Buyer Guarantee means a guarantee issued under section 29IBA.
registered charity means an entity registered under the Australian Charities and Not for profits Commission Act 2012.
related body corporate has the same meaning as in the Corporations Act 2001.
residential property has the same meaning as in the National Consumer Credit Protection Act 2009.
social or affordable housing project—see subsection 21A(3).
social or affordable housing special purpose vehicle—see subsection 22A(2).
Statistical Area Level 4 area has the same meaning as in the Australian Statistical Geography Standard.
timeframe requirements—see section 29CB.
underlying eligible member:
(a) of a hous
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