Commonwealth Numbered Acts

Home Deposit Assistance Act 1982 No. 40 of 1982 - SECT 19

19. (1) A grant shall not be made to a sole applicant or to joint applicants
unless the Secretary is satisfied that acceptable savings were held by the
applicant or by any of the applicants, as the case may be, on the prescribed
date and throughout the period of one year ending immediately before the
prescribed date.

(2) A grant shall not be made in respect of a dwelling in relation to which
paragraph 15 (1) (c) applies unless the dwelling has been completed or the
Secretary is satisfied that substantial progress on the construction has been
made.

(3) A grant shall not be made in respect of a dwelling unless the Secretary is
satisfied that the applicant has or will have, or the applicants have or will
have, adequate financial resources (including resources obtained or to be
obtained by borrowing) to perform in relation to the dwelling the contract
referred to in paragraph 15 (1) (a) or (b), or to complete the construction
referred to in paragraph 15 (1) (c), as the case may be.

(4) Sub-section (3) does not apply in relation to a contract for the purchase
of a dwelling, being a contract that provides for the payment of the whole or
part of the purchase price by instalments, if the Secretary is satisfied that
it would be unreasonable for that sub-section to apply having regard to all
the circumstances.

(5) A grant shall not be made to a sole applicant or to joint applicants
unless the sole applicant or at least one of the joint applicants is-

   (a)  an Australian citizen; or

   (b)  a person normally resident in Australia whose continued presence in
        Australia is not subject to any limitation as to time imposed by law.

(6) A grant shall not be made to a sole applicant or to joint applicants if
the amount of the prescribed earnings of the applicant or applicants, as the
case may be, exceeds the amount that is the higher relevant amount for the
purposes of sub-section 39 (4).

Division 2-Acceptable Savings