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Housing Australia Investment Mandate Direction 2018
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Turn the raw legal text into a practical explanation grounded in Housing Australia Investment Mandate Direction 2018.
(1) Subject to subsection (2), a person is an eligible home buyer in relation to a loan if, at the time the loan agreement is entered into: (a) the person has not, in the last 10 years, held a freehold interest in real property in Australia, or a relevant interest in land; and (b) the person is at least 18 years of age and either an Australian citizen or a permanent resident. (2) For a New Home Guarantee, the requirements in subsection (1) must instead be satisfied at the time the person makes an application for a loan, or when the contract to which the loan agreement relates is entered into (as relevant). (3) A person is an eligible single parent in relation to a loan if, at the time the loan agreement is entered into: (a) the person either: (i) does not hold a freehold interest in real property in Australia; or (ii) does hold such an interest, but either: (A) intends not to after no more than 4 weeks from when they become the registered owner of the property that will be purchased with the loan; or (B) holds it as joint tenant or tenant in common in the property to which the loan relates, and intends to become the sole registered owner of the property as a result of the loan; and (aa) the person does not hold a relevant interest in land; and (b) the person is at least 18 years of age and either an Australian citizen or a permanent resident; and (d) the person is single; and (e) the person has at least one dependent child. (3A) A person is an eligible single legal guardian in relation to a loan if, at the time the loan agreement is entered into: (a) the person either: (i) does not hold a freehold interest in real property in Australia; or (ii) does hold such an interest, but either: (A) intends not to after no more than 4 weeks from when they become the registered owner of the property that will be purchased with the loan; or (B) holds it as joint tenant or tenant in common in the property to which the loan relates, and intends to become the sole registered owner of the property as a result of the loan; and (b) the person does not hold a relevant interest in land; and (c) the person is at least 18 years of age and either an Australian citizen or a permanent resident; and (e) the person is single; and (f) the person is the legal guardian of at least one dependent child. (4) For this section, a person is single if: (a) the person does not have a spouse; and (b) the person does not have a de facto partner. (5) For this section, a person is a dependent child of a second person (the adult) if: (a) the adult is a natural or adoptive parent of the person; and (b) either: (i) the person is a dependent child of the adult within the meaning of subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991; or (ii) the person: (B) is in receipt of a disability support pension within the meaning of the Social Security Act 1991; and (C) lives with the adult. (6) For this section, a relevant interest in land is: (a) a lease of land in Australia (including a renewal or extension of such a lease) as described in paragraph 104-115(1)(b) of the Income Tax Assessment Act 1997; or (b) a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) in land in Australia.