Housing Loans Insurance Regulations (Cth)

STATUTORY RULES

1965 No. 171

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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 under the Housing Loans Insurance Act 1965.

Dated this twenty-fifth

day of November, 1965.

 

CASEY

Governor-General.

By His Excellency’s Command,

Leslie Bury

Minister of State for Housing.

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HOUSING LOANS INSURANCE REGULATIONS

Citation.

1. These Regulations may be cited as the Housing Loans Insurance Regulations.

Interpretation.

2.—(1.) In these Regulations, unless the contrary intention appears—

“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;

“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 reference to a Schedule by number shall be read as a reference to the Schedule so numbered to these Regulations.

Classes of insurable loans.

3.—(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.

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* Notified in the Commonwealth Gazette on 25 November, 1965.

14635.—Price 9d. (8c) 9 22.11.1965

(2.) 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.

(3.) Where a borrower is to occupy a unit of accommodation to which his loan relates as his residence, 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.

(4.) 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 of subdivision.

Assignment of contract of insurance.

4.—(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.

 

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THE SCHEDULES.
FIRST SCHEDULE
KINDS OF INSURABLE LOANS
Regulation 3.
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, being a unit that is for occupation by the borrower.
2	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, being a unit that is for occupation by the borrower.
3	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, being a unit that is not, and has not previously been, occupied and is for occupation by the borrower.
4	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, being a unit that is, or has previously been, occupied and is for occupation by the borrower.
5	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, being a unit that is not, and has not previously been, occupied and is for occupation by the borrower.
6	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, being a unit that is, or has previously been, occupied and is for occupation by the borrower.

Second Schedule

Regulation 4.

MEMORANDUM OF ASSIGNMENT

I (full name, address and occupation of assignor) hereby assign to (full name, address and occupation of assignee) contract of insurance No. entered into by the Housing Loans Insurance Corporation in relation to a loan made by (full name of lender)to (full name of borrower).

The assignee has /has not entered into an approved agency contract in relation to the loan.

Dated this  day of  , 19 .

 

Signed by the assignor in

the presence of

 

Signed by the assignee in

the presence of

                                 

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By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.