Commonwealth Numbered Acts

HOMES SAVINGS GRANTS ACT 1976 No. 183 of 1976 - SECT 27

27. (1) This section applies to a person in relation to a date if, on that
date-

   (a)  the person was serving outside Australia as a member of the Defence
        Force; or

   (b)  the person was the spouse, or a child under the age of 21 years, of a
        person mentioned in paragraph (a).

(2) For the purposes of this Act, the acceptable savings of a sole applicant
on a date on which the applicant was a person to whom this section applies,
include moneys, other than borrowed moneys, that were held on that date
outside Australia by the applicant (or by the applicant jointly with a person
who was, on that date, the spouse of the applicant) in a form approved by the
Secretary.

(3) For the purposes of this Act, the acceptable savings of joint applicants
on a date on which any of the joint applicants was a person to whom this
section applies include moneys, other than borrowed moneys, that were held on
that date outside Australia by the joint applicant (or by the joint applicant
jointly with a person who was, on that date, the spouse of the joint
applicant) in a form approved by the Secretary.

(4) In the application of sub-section (3) in relation to a joint applicant to
whom this section applies, the reference in that sub-section to moneys held on
a date by that joint applicant and a person who was the spouse of the joint
applicant on that date shall, if the spouse is also a joint applicant in
respect of the same application, be read as a reference to one-half only of
the moneys so held jointly.
(5) In this section, ''borrowed moneys'' means-

   (a)  in relation to moneys held by an applicant-moneys borrowed by the
        applicant; and

   (b)  in relation to moneys held jointly by an applicant and the spouse of
        the applicant-moneys borrowed by the applicant, by the spouse of the
        applicant or by both of them.