Commonwealth Numbered Acts

HOMES SAVINGS GRANTS ACT 1976 No. 183 of 1976 - SECT 24

24. (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 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 sub-section (1) to moneys expended by a joint applicant
on or before the relevant date as mentioned in that sub-section 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 sub-section 6 (2)
        applies; or

   (b)  a person (not being a deceased spouse of the applicant) who was the
        spouse of the joint applicant on the relevant date.
(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 sub-section (2)-moneys borrowed by the
        joint applicant, by that other person or by both of them.