Commonwealth Numbered Acts

HOMES SAVINGS GRANTS ACT 1976 No. 183 of 1976 - SECT 31

Division 3-Amount of Grant
31. (1) The amount of a grant to a sole applicant or to joint applicants shall
not exceed-

   (a)  one-third of the accumulated acceptable savings of the applicant or
        applicants; or

   (b)  an amount of-

        (i)    where the relevant savings period in relation to the applicant
               or applicants is not less than 1 year but is less than 2
               years-$667;

        (ii)   where the relevant savings period in relation to the applicant
               or applicants is not less than 2 years but is less than 3
               years-$1,333; or

        (iii)  where the relevant savings period in relation to the applicant
               or applicants is not less than 3 years-$2,000, whichever is the
               less.

(2) For the purposes of sub-section (1), the amount of the accumulated
acceptable savings of a sole applicant or of joint applicants is the amount
ascertained by deducting from the sum of-

   (a)  the acceptable savings of the applicant or applicants on the first
        relevant savings date; and

   (b)  the sum of any adjusted increases in the acceptable savings of the
        applicant or applicants as ascertained as at the relevant savings
        dates occurring after the first relevant savings date, the sum of the
        amounts of any adjusted decreases in acceptable savings of the
        applicant or applicants as ascertained as at the relevant savings
        dates occurring after the first relevant savings date.
(3) In this section, ''first relevant savings date'', in relation to a sole
applicant or joint applicants, means-

   (a)  in the case of an applicant or applicants whose
        relevant savings period is not less than 1 year but is less than 2
        years-the first day of the period of 1 year ending immediately before
        the prescribed date;

   (b)  in the case of an applicant or applicants whose
        relevant savings period is not less than 2 years but is less than 3
        years-the first day of the period of 2 years ending immediately before
        the prescribed date; and

   (c)  in the case of an applicant or applicants whose
        relevant savings period is not less than 3 years-the first day of the
        period of 3 years ending immediately before the prescribed date.

(4) For the purposes of the application of this section in relation to a
sole applicant or joint applicants, the following dates are the relevant
savings dates occurring after the first relevant savings date:-

   (a)  in the case of an applicant or applicants whose
        relevant savings period is not less than 3 years-

        (i)    the prescribed date;

        (ii)   the first day of the period of 6 months ending immedi- ately
               before the prescribed date;

        (iii)  the first day of the period of 12 months ending immedi- ately
               before the prescribed date;

        (iv)   the first day of the period of 18 months ending immedi- ately
               before the prescribed date;

        (v)    the first day of the period of 24 months ending immedi- ately
               before the prescribed date; and

        (vi)   the first day of the period of 30 months ending immedi- ately
               before the prescribed date;

   (b)  in the case of an applicant or applicants whose
        relevant savings period is not less than 2 years but is less than 3
        years-

        (i)    the prescribed date;

        (ii)   the first day of the period of 6 months ending immedi- ately
               before the prescribed date;

        (iii)  the first day of the period of 12 months ending immedi- ately
               before the prescribed date; and

        (iv)   the first day of the period of 18 months ending immedi- ately
               before the prescribed date;

   (c)  in the case of an applicant or applicants whose
        relevant savings period is less than 2 years-

        (i)    the prescribed date; and

        (ii)   the first day of the period of 6 months ending immedi- ately
               before the prescribed date.

(5) Where a relevant savings date in a particular month is not capable of
being ascertained in accordance with sub-section (4) by reason that there is
not a date in that month that corresponds with the prescribed date, the
relevant savings date in that month shall be taken to be the last day of that
month.

(6) For the purposes of this section-

   (a)  an increase in acceptable savings of a sole applicant or joint
        applicants shall be taken to occur on a relevant savings date if the
        acceptable savings of the applicant or applicants on that relevant
        savings date exceed the acceptable savings of the applicant or
        applicants on the immediately preceding relevant savings date; and

   (b)  the amount of the increase in acceptable savings is the amount of that
        excess.

(7) For the purposes of this section-

   (a)  a decrease in acceptable savings of a sole applicant or joint
        applicants shall be taken to occur on a relevant savings date if the
        acceptable savings of the applicant or applicants on that relevant
        savings date are less than the acceptable savings of the applicant or
        applicants on the immediately preceding relevant savings date; and

   (b)  the amount of the decrease is the amount by which the acceptable
        savings on the first-mentioned relevant savings date are less than the
        acceptable savings on that immediately preceding relevant savings
        date.

(8) A reference in this section to an adjusted increase in acceptable savings
of a sole applicant or of joint applicants as ascertained as at a relevant
savings date shall be read as a reference to an increase in acceptable savings
of the applicant or applicants on that relevant savings date reduced, if
excess savings of the applicant or applicants occurred on that relevant
savings date, by the amount of those excess savings.

(9) A reference in this section to an adjusted decrease in acceptable savings
of a sole applicant or of joint applicants as ascertained as at a relevant
savings date shall be read as a reference to a decrease in acceptable savings
of the applicant or applicants on that relevant savings date reduced, if there
are unused excess savings of the applicant or applicants on that relevant
savings date, by so much of those unused excess savings as does not exceed the
decrease in acceptable savings.

(10) For the purposes of this section-

   (a)  a sole applicant or joint applicants shall be taken to have excess
        savings on a relevant savings date if the increase in acceptable
        savings of the applicant or applicants on that relevant savings date
        exceeds $1,200; and

   (b)  the amount of the excess savings is the amount by which that increase
        exceeds $1,200.

(11) A reference in this section to unused excess savings of a sole applicant
or of joint applicants on a relevant savings date shall be read as a reference
to excess savings of the applicant or applicants on any preceding relevant
savings dates that are not required by sub-section (9) to be taken into
account in ascertaining adjusted decreases in acceptable savings of the
applicant or applicants as at any of those preceding relevant savings dates.

(12) Where an application for a grant has been made by an applicant or
applicants, or any documents furnished by an applicant or applicants have been
prepared, on the basis that the prescribed date in relation to the applicant
or applicants is a date (in this sub-section referred to as the ''assumed
date'') that is earlier or later, but not more than 14 days earlier or later,
than the date that is the prescribed date in relation to the applicant or
applicants, the Secretary may, in his discretion, direct that this section
shall apply in relation to the applicant or applicants as if the references in
sub-sections (3), (4) and (5) to the prescribed date were references to the
assumed date.

(13) Where, by reason of acceptable savings being held by joint applicants on
a particular date, the amount of a grant to the applicants would be less than
it would be if acceptable savings were not held by the applicants on that
date, the Secretary may, in his discretion, treat the applicants as not having
held those acceptable savings on that date.