Homes Savings Grant Act 1972

Legislation au C1972A00078 Not in force Act

Legislation content

Homes Savings Grant

No. 78 of 1972

An Act to amend the Homes Savings Grant Act 1964–1971.

[Assented to 27 September 1972]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Homes Savings Grant Act 1972.

(2.) The Homes Savings Grant Act 1964–1971 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Homes Savings Grant Act 1964–1972.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Approved credit unions.

3. Section 4b of the Principal Act is amended—

(a) by omitting from the definition of “housing loan” in sub-section (1.) the words “, at a rate of interest not exceeding seven and one-half per centum per annum or, if another rate is prescribed, not exceeding that other rate,”;

(b) by omitting from sub-section (1.) the definition of “prescribed housing loan”;

(c) by omitting sub-section (4.) and inserting in its stead the following sub-section:—

“(4.) The Secretary shall not approve a credit union unless—

(a) he is satisfied that not less than twenty per centum of the total amount that was lent by the credit union to its members during the last financial year of the credit union that ended before the date of the application for approval was lent by way of housing loans; and

(b) the credit union has given him an undertaking in writing that not less than twenty per centum of the total amount that will be lent by the credit union to its members during each subsequent financial year will be lent by way of housing loans.”;

(d) by omitting from paragraph (f) of sub-section (5.) the word “matters” and inserting in its stead the word “matter”;

(e) by omitting from paragraph (b) of sub-section (6.) the words “loans; and” and inserting in their stead the word “loans.”; and

(f) by omitting paragraph (c) of sub-section (6.).


Grants.

4. Section 20 of the Principal Act is amended—

(a) by omitting from sub-paragraph (ii) of paragraph (b) of sub-section (2.) the word “or”; and

(b) by omitting sub-paragraph (iii) of that paragraph and inserting in its stead the following sub-paragraphs:—

“(iii) if the prescribed date in relation to the eligible person is a date that is later than the twenty-sixth day of October, One thousand nine hundred and sixty-nine, but is not later than the fifteenth day of August, One thousand nine hundred and seventy-two—Seventeen thousand five hundred dollars; or

(iv) in any other case—Twenty-two thousand five hundred dollars;”.

Amount of grant.

5. Section 22 of the Principal Act is amended—

(a) by omitting sub-section (2.) and inserting in its stead the following sub-section:—

“(2.) The amounts of any grants under this Act to an eligible person and his or her spouse shall not exceed, in the aggregate—

(a) if the prescribed date in relation to the eligible person is a date that is not later than the fifteenth day of August, One thousand nine hundred and seventy-two—Five hundred dollars; or

(b) in any other case—Seven hundred and fifty dollars.”; and

(b) by omitting paragraph (c) of sub-section (9.) and inserting in its stead the following paragraph:—

“(c) in the case of a savings year that commenced or commences on or after the first day of May, One thousand nine hundred and sixty-six—

(i) excess savings of an eligible person (being an eligible person in relation to whom the prescribed date is a date not later than the fifteenth day of August, One thousand nine hundred and seventy-two) and his or her spouse shall be taken to have occurred if there was an increase in acceptable savings of the person and his or her spouse in that savings year exceeding Six hundred dollars, and the amount of the excess savings is the amount by which that increase exceeded Six hundred dollars; and

(ii) excess savings of any other eligible person and his or her spouse shall be taken to have occurred if there was an increase in acceptable savings of the person and his or her spouse in that savings year exceeding Nine hundred dollars, and the amount of the excess savings is the amount by which that increase exceeded Nine hundred dollars.”.

Overview

The Homes Savings Grant Act 1972 was enacted by the Commonwealth Parliament to amend the Homes Savings Grant Act 1964–1971, thereby addressing specific deficiencies in the original Act. This legislation aims to refine the eligibility criteria and the financial support mechanisms for housing loans. By modifying the criteria for approved credit unions and adjusting the grant amounts and conditions, the Act seeks to better support eligible persons in achieving homeownership. The policy objective is to ensure that credit unions adequately prioritise housing loans and to provide more precise and timely financial assistance to eligible individuals, thereby facilitating homeownership and financial stability.

Scope and Application

The Homes Savings Grant Act 1972 amends the Homes Savings Grant Act 1964–1971 to update provisions concerning the approval of credit unions and the amounts of grants available to eligible persons. The Act applies to credit unions seeking approval to operate under the scheme, as well as to eligible persons who are entitled to receive grants under the scheme. The Act applies across the Commonwealth of Australia, and its provisions extend to all credit unions and eligible persons within the jurisdiction. The Act includes specific thresholds for the minimum percentage of housing loans that credit unions must provide and the maximum amounts of grants that eligible persons can receive, with different thresholds applying based on the prescribed date in relation to the eligible person. The Act also allows for the Secretary to make regulations that may further define the application and administration of the Homes Savings Grant scheme.

Key Provisions

The Homes Savings Grant Act 1972 makes several key amendments to the Homes Savings Grant Act 1964–1971 (referred to as the Principal Act). Section 3 of the Act modifies the criteria for the approval of credit unions, specifying that a credit union will not be approved unless at least 20% of the loans made in the previous financial year were housing loans, and the credit union provides a written undertaking that this percentage will be maintained in future years. Section 4 amends the amount of grants available to eligible persons based on the prescribed date of their application. Section 5 changes the maximum aggregate grant amounts for eligible persons and their spouses, depending on the prescribed date of their application. The Act imposes certain obligations on credit unions and eligible persons. Credit unions must ensure that at least 20% of their loans are housing loans and provide a written commitment to maintain this percentage in future years to obtain approval under the Act (Section 3). Eligible persons must meet the conditions set out in the Act to be eligible for a grant, including the prescribed date for their application and the limits on the amount of their savings (Sections 4 and 5). Breaches of the provisions in this Act may lead to civil or criminal consequences, although the Act does not explicitly state the penalties. However, under the Principal Act, penalties for non-compliance could include fines and imprisonment, depending on the nature and severity of the breach. The exact penalties would be determined by the courts based on the relevant provisions of the Principal Act and any other applicable legislation.

Legal classification tags

Area of Law
Finance & Banking Law
Instrument
Act
Concepts
Commencement Provisions
Reporting & Disclosure Obligations
Regulatory Standards

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.