Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008 (November) (Cth)

Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008

made under subsections 52(1) and 53(1) of the

Defence Home Ownership Assistance Scheme Act 2008

Compilation No. 8

Compilation date:    1 July 2016

Includes amendments up to:            F2016L00970

Registered:   4 August 2016

About this compilation

This compilation

This is a compilation of the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008 that shows the text of the law as amended and in force on 1 July 2016 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1............ Name of Determination................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Definitions..................................................................................................................... 1

4............ Average house price...................................................................................................... 1

5............ Median interest rate....................................................................................................... 1

Endnotes3

Endnote 1—About the endnotes  3

Endnote 2—Abbreviation key  4

Endnote 3—Legislation history  5

Endnote 4—Amendment history  6

1  Name of Determination

This Determination is the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008.

3  Definitions

In this Determination:

Act means the Defence Home Ownership Assistance Scheme Act 2008.

CANNEX means CANNEX (AUST) Pty Limited (ACN 053646165).

4  Average house price

For subsection 52(1) of the Act, the table sets out the average house price for a financial year.

Item	Financial year	Average house price
1	2008–2009	$467 897
2	2009–2010	$429 073
3	2010–2011	$494 432
4	2011–2012	$508 098
5	2012–2013	$483 440
6	2013–2014	$520 271
7	2014‑2015	$579 486
8	2015–2016	$609 518
9	2016–2017	$661 729

5  Median interest rate

(1) For section 53 of the Act, this section sets out a method for determining the median interest rate for a monthly authorisation period.

Step 1

(2)  List and number, in ascending order of value, the annual interest rates published by CANNEX in relation to owner‑occupier standard variable home loans offered by lending institutions in Australia, at the authorisation day.

(3)  If an interest rate of the same value is offered by more than one financial institution, list those institutions in alphabetical order.

Step 2

(4)  If the list compiled under Step 1 contains an odd number of entries, determine the interest rate that is, numerically, the middle of the list.

Example:    If a list contains 11 entries, the interest rate in the 6th entry in the list would be determined.

(5)  If the list compiled under Step 1 contains an even number of entries:

(a)  identify the 2 interest rates that are either side of the numerical middle of the list; and

(b)  calculate the sum of the 2 interest rates identified under paragraph (a); and

(c)  divide the sum calculated under paragraph (b) by 2.

Example:    A list contains 12 entries. The interest rate in the 6th entry is 9.3%. The interest rate in the 7th entry is 9.5%. The interest rate identified under Step 2 would be 9.3% + 9.5% = 18.8%. Divide this sum by 2. The interest rate determined is 9.4%.

Step 3

(6)  Divide the interest rate determined under Step 2 by 12.

(7)  The result in Step 3 is the median interest rate for the monthly authorisation period.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3—Legislation history

Name	Registration	Commencement	Application, saving and transitional provisions
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008	11 Dec 2008 (F2008L04536)	1 July 2008 (s 2)
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2009 (No. 1)	29 June 2009 (F2009L02561)	1 July 2009 (s 2)	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2010 (No. 1)	29 June 2010 (F2010L01864)	1 July 2010 (s 2)	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2011 (No. 1)	30 June 2011 (F2011L01347)	1 July 2011 (s 2)	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2012 (No. 1)	28 June 2012 (F2012L01372)	1 July 2012 (s 2)	—
Defence Home Ownership Assistance Scheme Amendment (Average House Price and Median Interest Rate) Determination 2013	17 June 2013 (F2013L01012)	1 July 2013 (s 2)	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2014	25 June 2014 (F2014L00815)	1 July 2014 (s 2)	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2015	19 June 2015 (F2015L00848)	1 July 2015 (s 2(1))	—
Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2008	1 June 2016 (F2016L00970)	1 July 2016 (s 2(1) item 1)	—

Endnote 4—Amendment history

Provision affected	How affected
s 2.............................................	rep LIA s 48D
s 4.............................................	rs No 1, 2009
am No 1, 2010; No 1, 2011
rs No 1, 2012
am F2013L01012; F2014L00815; F2015L00848; F2016L00970