STATUTORY RULES
1966 No.
__________
REGULATIONS UNDER THE HOUSING LOANS INSURANCE ACT 1965.*
I,
THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the
advice of the Federal Executive Council, hereby make the following Regulations,
being regulations in accordance with a recommendation made to the Minister of
State for Housing by the Housing Loans Insurance Corporation, under the Housing
Loans Insurance Act 1965.
Dated
this thirty first day of March, 1966.
Casey
Governor-General.
By
His Excellency’s Command,
Minister of State for
Housing.
________
HOUSING LOANS INSURANCE
REGULATIONS
Citation.
1. These
Regulations may be cited as the Housing Loans Insurance Regulations.
Repeal.
2. The Housing
Loans Insurance Regulations (being Statutory Rules 1965, No. 171) are repealed.
Interpretation.
3.—(1.) In these Regulations, unless the contrary
intention appears—
“alter”, in relation to a dwelling-house, includes
improve or extend the dwelling-house;
“lot”, in relation to a
strata plan, means any of the parcels into which land is subdivided by the
strata plan, whether the parcels are called lots, flats or building units or
are described in some other manner;
“more than two units of accommodation” means—
(a)
a dwelling-house constituting three or more units of accommodation;
(b)two dwelling-houses one
of which, or each of which, constitutes two or more units of accommodation; or
(c) three or more dwelling-houses (whether or
not one of the dwelling-houses constitutes, or two or more of the
dwelling-houses each constitute, two or more units of accommodation);
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* Notified in the Commonwealth Gazette
on 1 April, 1966.
15805/65.—Price
15c (1s. 6d.) 9/16.3.1966
“occupation”, in
relation to a unit and to a person, means occupation of the unit by the person
as his residence;
“single unit of
accommodation” means a dwelling-house constituting a single unit of
accommodation;
“strata plan” means—
(a)in relation to land in
the State of New South Wales—a plan of subdivision registered under the
Conveyancing (Strata Titles) Act, 1961, of that State; and
(b)in relation to land in another State or in a
Territory of the Commonwealth—a plan of subdivision registered under a like law
of the State or Territory;
“the Act” means the Housing
Loans Insurance Act 1965;
“two units of
accommodation” means—
(a) a dwelling-house
constituting two units of accommodation; or
(b)two dwelling-houses
each of which constitutes one unit of accommodation;
“unit” means a unit of
accommodation;
“vacant land” includes
land on which a structure other than a completed dwelling-house is erected.
(2.) In these Regulations—
(a) a reference to a Schedule by number shall
be read as a reference to the Schedule so numbered to these Regulations; and
(b)a reference to a class
of insurable loans by number shall be read as a reference to loans of a kind
specified in the second column of the First Schedule opposite to that number in
the first column of that Schedule.
Classes of insurable loans.
4.—(1.) For the purposes of section 20 of the Act,
loans of a kind specified in the second column of the First Schedule opposite
to a number specified in the first column of that Schedule are, subject to this
regulation, a prescribed class of insurable loans.
(2.) A loan shall not be taken to be of a kind
specified in the First Schedule unless it is made to the borrower for the
purpose specified in that Schedule in relation to loans of that kind, and for
no other purpose.
(3.) Subject to the next succeeding sub-regulation,
for the purposes of the First Schedule, a unit of accommodation to which a loan
relates—
(a)shall not be taken to
be for occupation by the borrower if it is, for the purposes of that Schedule,
to be taken to be for occupation by a tenant of the borrower; and
(b)shall be taken to be
for occupation by a tenant of the borrower if the borrower is not to occupy the
unit continuously as his residence and a person other than the borrower is,
with the permission of the borrower, to occupy the unit as his residence either
continuously or from time to time, whether or not that person is to be liable
to pay rent to the borrower in respect of his occupation of the unit.
(4.) Where a borrower is to occupy as his residence a
unit of accommodation to which his loan relates, the unit shall not be taken to
be for occupation by a tenant of the borrower by reason only of the fact that—
(a) another person is, with the permission of
the borrower, also to occupy the unit as his residence jointly with the
borrower; or
(b)another person is, with the permission of the
borrower, to occupy part of the unit as his residence, whether or not that
person is to occupy the part as a tenant of the borrower and whether or not the
person is also to occupy a part of the remainder of the unit jointly with the
borrower.
(5.)
References in the First Schedule to land shall, unless the contrary intention
appears, be read as not including references to a parcel of land designated as
a separate parcel of land (whether called a lot, flat or building unit or
described in some other manner) on a strata plan.
Approved securities.
5.—(1.) Each of the following classes of insurable
loans, that is to say, class 44, class 46, class 48 and class 50 are specified
in respect of a second mortgage for the purposes of the definition of “approved
security” in sub-section (1.) of section 4 of the Act.
(2.) In the last preceding sub-regulation, “second
mortgage” means—
(a)a mortgage registered under a law of a State or
Territory of the Commonwealth and having priority subject only to a first legal
mortgage registered under that law; or
(b)a mortgage that will,
upon registration under a law of a State or Territory of the Commonwealth, take
priority subject only to a first legal mortgage or a mortgage that will, upon
registration under that law, constitute a first legal mortgage.
Assignment of contract of insurance.
6.—(1.) An assignment of
a contract of insurance shall be effected by—
(a)the assignor or the
assignee furnishing to the Corporation a memorandum of assignment of the
contract, in accordance with, or substantially in accordance with, the form in
the Second Schedule, signed by the assignor and the assignee; and
(b)the registration of the memorandum of assignment by
the Corporation.
(2.) Subject to the next succeeding sub-regulation,
where a memorandum of assignment of a contract of insurance is duly furnished
to the Corporation for registration, the Corporation shall—
(a)register the assignment
of the contract of insurance by entering particulars of the assignment in a
register kept by it for the purpose;
(b)cause the date of registration to be entered on the
memorandum of assignment and that memorandum to be signed by the officer of the
Corporation who registered the assignment; and
(c) deliver the
memorandum of assignment to the assignee or to a person authorized by the
assignee to receive it.
(3.) Where a memorandum of assignment of a contract
of insurance states that the assignee has entered into an approved agency
contract with an approved lender in connexion with the loan to which the
contract relates, being an approved agency contract that will come into force
upon the assignment taking effect, the Corporation may refuse to register the
assignment until the approved agency contract is produced to the Corporation
for inspection.
(4.) In the last preceding sub-regulation, “approved
agency contract” means an approved agency contract of a kind referred to in
paragraph (a) of sub-section (2.) of section 42 of the Act.
________
THE
SCHEDULES.
FIRST
SCHEDULE
KINDS
OF INSURABLE LOANS
Regulation
4.
First column | Second column |
Number of class of insurable
loans | Description of insurable loans
included in the class |
1 | A loan made for the
purpose of enabling the borrower to acquire a prescribed interest in vacant
land and to construct, or complete the construction of, a single unit of
accommodation on the land, the unit being for occupation by the borrower.
|
2 | A loan made for the
purpose of enabling the borrower to acquire a prescribed interest in vacant
land and to construct, or complete the construction of, a single unit of
accommodation on the land, the unit being for occupation by a tenant of the
borrower.
|
3 | A loan made for the
purpose of enabling the borrower to acquire a prescribed interest in vacant
land and to construct, or complete the construction of, two units of
accommodation on the land, one of the units being for occupation by the
borrower and the other by a tenant of the borrower.
|
4 | A loan made for the purpose of enabling the
borrower to acquire a prescribed interest in vacant land and to construct, or
complete the construction of, two units of accommodation on the land, each of
the units being for occupation by a tenant of the borrower.
|
5 | A loan made for the purpose of enabling the
borrower to acquire a prescribed interest in vacant land and to construct, or
complete the construction of, more than two units of accommodation on the
land, each of the units being for occupation by the borrower or by a tenant
of the borrower.
|
6 | A loan made for the purpose of enabling the
borrower to construct, or complete the construction of, a single unit of
accommodation on vacant land in which the borrower has a prescribed interest,
the unit being for occupation by the borrower.
|
First Schedule—continued
First column | Second column |
Number of class of insurable loans | Description of insurable loans included in the
class |
7 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, a single unit of accommodation on vacant land in which
the borrower has a prescribed interest, the unit being for occupation by a
tenant of the borrower.
|
8 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, two units of accommodation on vacant land in which the
borrower has a prescribed interest, one of the units being for occupation by
the borrower and the other by a tenant of the borrower.
|
9 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, two units of accommodation on vacant land in which the
borrower has a prescribed interest, each of the units being for occupation by
a tenant of the borrower.
|
10 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, more than two units of accommodation on vacant land in
which the borrower has a prescribed interest, each of the units being for
occupation by the borrower or by a tenant of the borrower.
|
11 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over vacant land in which the borrower has a prescribed interest and to
construct, or complete the construction of, a single unit of accommodation on
the land, the unit being for occupation by the borrower.
|
12 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over vacant land in which the borrower has a prescribed interest and to
construct, or complete the construction of, a single unit of accommodation on
the land, the unit being for occupation by a tenant of the borrower.
|
13 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over vacant land in which the borrower has a prescribed interest and to
construct, or complete the construction of, two units of accommodation on the
land, one of the units being for occupation by the borrower and the other by
a tenant of the borrower.
|
14 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over vacant land in which the borrower has a prescribed interest and to
construct, or complete the construction of, two units of accommodation on the
land, each of the units being for occupation by a tenant of the borrower.
|
15 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over vacant land in which the borrower has a prescribed interest and to
construct, or complete the construction of, more than two units of
accommodation on the land, each of the units being for occupation by the
borrower or by a tenant of the borrower.
|
16 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there is a single unit of accommodation that is
not, and has not previously been, occupied, the unit being for occupation by
the borrower.
|
17 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there is a single unit of accommodation that is
not, and has not previously been, occupied, the unit being for occupation by
a tenant of the borrower.
|
18 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there is a single unit of accommodation that is, or
has previously been, occupied, the unit being for occupation by the borrower.
|
19 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there is a single unit of accommodation that is, or
has previously been, occupied, the unit being for occupation by a tenant of
the borrower.
|
First Schedule—continued
First column | Second column |
Number of class of insurable loans | Description of insurable loans included in the
class |
20 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land (being a lot on a strata plan) on which there is a single
unit of accommodation that is not, and has not previously been, occupied, the
unit being for occupation by the borrower.
|
21 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land (being a lot on a strata plan) on which there is a single
unit of accommodation that is not, and has not previously been, occupied, the
unit being for occupation by a tenant of the borrower.
|
22 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land (being a lot on a strata plan) on which there is a single
unit of accommodation that is, or has previously been, occupied, the unit
being for occupation by the borrower.
|
23 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land (being a lot on a strata plan) on which there is a single
unit of accommodation that is, or has previously been, occupied, the unit
being for occupation by a tenant of the borrower.
|
24 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are two units of accommodation that are not,
and have not previously been, occupied, one of the units being for occupation
by the borrower and the other by a tenant of the borrower.
|
25 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are two units of accommodation that are not,
and have not previously been, occupied, each of the units being for
occupation by a tenant of the borrower.
|
26 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are two units of accommodation (being units
one of which is or has previously been, or both of which are or have
previously been, occupied), one of the units being for occupation by the
borrower and the other by a tenant of the borrower.
|
27 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are two units of accommodation (being units
one of which is or has previously been, or both of which are or have
previously been, occupied), each of the units being for occupation by a
tenant of the borrower.
|
28 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are more than two units of accommodation that
are not, and have not previously been, occupied, each of the units being for
occupation by the borrower or by a tenant of the borrower.
|
29 | A
loan made for the purpose of enabling the borrower to acquire a prescribed
interest in land on which there are more than two units of accommodation (being
units one of which is or has previously been, or two or more of which are or
have previously been, occupied), each of the units being for occupation by
the borrower or by a tenant of the borrower.
|
30 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over land in which the borrower has a prescribed interest, being land on
which—
|
(a)there is a single unit of accommodation occupied by
the borrower; or |
(b)there are two units of
accommodation, one of the units being occupied by the borrower and the other
by a tenant of the borrower.
|
First Schedule—continued
First column | Second column |
Number of class of insurable loans | Description of insurable loans included in the
class |
31 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over land (being a lot on a strata plan) in which the borrower has a
prescribed interest, being land on which there is a single unit of
accommodation occupied by the borrower.
|
32 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, a single unit of accommodation on land in which the
borrower has a prescribed interest and on which there is already a single
unit of accommodation, one of the units being for occupation by the borrower
and the other for occupation by a tenant of the borrower.
|
33 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, a single unit of accommodation on land in which the
borrower has a prescribed interest and on which there is already a single
unit of accommodation, each of the units being for occupation by a tenant of
the borrower.
|
34 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over land in which the borrower has a prescribed interest (being land on
which there is only a single unit of accommodation) and to construct, or
complete the construction of, an additional single unit of accommodation on
the land, one of the units being for occupation by the borrower and the other
for occupation by a tenant of the borrower.
|
35 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over land in which the borrower has a prescribed interest (being land on
which there is only a single unit of accommodation) and to construct, or
complete the construction of, an additional single unit of accommodation on
the land, each of the units being for occupation by a tenant of the borrower.
|
36 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, two units of accommodation or more than two units of
accommodation on land in which the borrower has a prescribed interest (being
land on which there is already a single unit of accommodation), each of the
units being for occupation by the borrower or by a tenant of the borrower.
|
37 | A
loan made for the purpose of enabling the borrower to discharge a mortgage
over land in which the borrower has a prescribed interest (being land on
which there is only a single unit of accommodation) and to construct, or
complete the construction of, two units of accommodation or more than two
units of accommodation on the land in addition to the existing unit, each of
the units being for occupation by the borrower or by a tenant of the
borrower.
|
38 | A
loan made for the purpose of enabling the borrower to construct, or complete
the construction of, a single unit of accommodation, two units of
accommodation or more than two units of accommodation on land in which the
borrower has a prescribed interest (being land on which there are already two
units of accommodation or more than two units of accommodation), each of the
units being for occupation by the borrower or by a tenant of the borrower.
|