4Interpretation

4 Interpretation

(1) In this Act, unless the contrary intention appears:

agency contract means a contract approved by the Corporation that makes provision for an approved lender to act:

(a) in relation to a loan in respect of which a contract of insurance is proposed to be entered into between the lender, not being an approved lender, and the Corporation—as the agent of the lender;
(b) in relation to a loan to which a contract of insurance relates, being a loan that is secured by an approved security—as the agent of a person, not being an approved lender:
(i) to whom the approved security has been or is to be transferred or assigned or in whom that security has become vested; and
(ii) to whom the contract of insurance has been, or is to be, assigned; or
(c) in relation to a loan to which a contract of insurance relates, being a loan that is not secured by an approved security‑as the agent of a person, not being an approved lender:
(i) to whom the right of repayment of the loan has been, or is to be, transferred or assigned; and
(ii) to whom the contract of insurance has been, or is to be, assigned.

approved dealer, or approved lender, means a person approved as a dealer, or as a lender, as the case may be, by the Corporation under section 5, but, except as provided by subsection 5(4), does not include a person whose approval under that section has been revoked.

approved security means:

(a) a first legal mortgage or a mortgage that will, upon registration under a law of a State or Territory, constitute a first legal mortgage;
(b) a mortgage registered under a law of a State or Territory and having priority subject only to a first legal mortgage or to a first legal mortgage and another mortgage or other mortgages so registered; or
(c) a mortgage that will, upon registration under a law of a State or Territory, take priority subject only to a first legal mortgage, or to a first legal mortgage and another mortgage or other mortgages that are so registered;

and includes, in relation to such prescribed interests as the regulations specify in respect of a particular kind of security, a security of that kind.

building includes any structure, but does not include a building or structure constructed, being constructed or intended to be constructed for a temporary purpose.

contract of insurance means a contract of insurance under this Act.

dwelling‑house includes:

(a) any building that consists, or any buildings that consist, in whole or in substantial part, of residential accommodation, whether constituting a single unit of accommodation or two or more such units; and
(b) any residential accommodation of a kind commonly known as a flat or home unit.