Housing Loan Guarantee Act Amendment Act 1968 (WA)

No. 17.] Housing Loan Guarantee. [1968.

HOUSING LOAN GUARANTEE.

No. 17 of 1968.

AN ACT to amend the Housing Loan Guarantee

Act, 1957-1965.

[Assented to 8th October, 1968.]

RE it enacted by the Queen's Most Excellent

Majesty, by and with the advice and consent

of the Legislative Council and the Legislative

Assembly of Western Australia, in this present

Parliament assembled, and by the authority of the

same, as follows:—

Short title

and cita- 1. (1) This Act may be cited as the Housing•Loan

tion.	Guarantee Act Amendment Act, 1968.
Reprinted

in Vol. 17	(2)	In this Act the Housing Loan Guarantee
of the Re-

printed	Act, 1957-1965, is referred to as the principal Act.
Acts.
Approved
for reprint

20th June,	(3) The principal Act as amended by this Act
1962 and

amended by	may be cited as the Housing Loan Guarantee Act,
Acts Nos.
52 of 1962	1957-1968.
and 27 of

1968.] Housing Loan Guarantee. [No. 17.

S. 7B

2. Subsection (1) of section seven B of the amended.

principal Act is amended by deleting the passage commencing with the word, "but" in line twelve of paragraph (b) and ending with the word, "contract", being the last word in the subsection, and sub- stituting the following passage

but does not exceed-

(i) in the case of a new house situated within the metropolitan region as defined by section two of the Town Planning and Development Act, 1928, the value of which new house exclusive of the land does not exceed ten thousand dollar s—ninety-five per centum of the value of the new house or ten thousand dollars, whichever is the lesser amount;

(ii)    in the case of a new house situated south of the twenty-sixth parallel of latitude but not within the metropol- itan region as so defined, the value of which new house exclusive of the land does not exceed eleven thousand dollars—ninety-five per centum of the value of the new house or ten thousand dollars, whichever is the lesser amount; or

(iii)    in the case of a new house situated north of the twenty-sixth parallel of latitude, the value of which new house exclusive of the land does not exceed seventeen thousand five hundred dollars—ninety-five per centum of the value of the new house or thirteen thousand dollars, whichever is the lesser amount,

the Treasurer may, if he is satisfied with the terms and conditions of the mortgage or contract for sale and purchase, enter into an agreement with the approved institution proposing to make the loan or proposing to

enter into the contract .