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

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. 9

Compilation date:    1 July 2017

Includes amendments up to: F2017L00662

Registered:    3 July 2017

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 2017 (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 (www.legislation.gov.au). 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

3 Definitions

4 Average house price

5 Median interest rate

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

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.

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

Endnote 3—Legislation history

Endnote 4—Amendment history