EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO. 197
FIRST HOME OWNERS ACT 1983
Issued by Authority of the Minister for Housing and Construction.
Statutory Rule 1984 No.197 makes regulations under the First Home Owners Act 1984 relating to the establishment of separate income limits for sole applicants without dependent children and to provide reduced income limits for all other applicants, and to the provision of a deflationary formula for the purpose of assessing the income of certain classes of applicant under the FHO Act.
The revised income limits will come into effect on 22 August 1984 and will apply to all applicants whose prescribed date, as defined in the Act, occurs on or after that date.
The income limits are set out below.
(i) | Sole applicants without dependent children | Upper limit Lower limit | $13,950 $10,000 |
(ii) | All other applicants | Upper limit Lower limit | $27,900 $20,000 |
Section 22 of the Act provides that the Secretary may direct that an applicant’s year of income, for the purposes of the income, is not to be the year of income prior to the year in which home acquisition occurred but rather is to be the next year or in some cases the year after that. To enable all applicants who have a common home-acquisition year to be tested against common income limits the Act provides, in section 19, that the later year’s income is to be reduced (or deflated) in the Regulations. The proposed Regulations provide a formula for the deflator, using a deflator derived from average weekly earnings.