WAR SERVICE HOMES.
No. 2 of 1962.
An Act to reduce by Seven hundred and fifty pounds the Minimum Deposit required from Purchasers, and to increase by that sum the Maximum Advance available to Borrowers, under the War Service Homes Act 1918–1961.
[Assented to 17th March, 1962.]
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 War Service Homes Act 1962.
(2.) The War Service Homes Act 1918–1961 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the War Service Homes Act 1918–1962.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Sale of dwelling-houses.
3. Section nineteen of the Principal Act is amended by omitting from sub-section (4.) the words “Two thousand seven hundred and fifty pounds” (wherever occurring) and inserting in their stead the words “Three thousand five hundred pounds”.
Maximum advance.
4. Section twenty-one of the Principal Act is amended by omitting the words “Two thousand seven hundred and fifty pounds” (wherever occurring) and inserting in their stead the words “Three thousand five hundred pounds”.
Overview
The War Service Homes Act 1962 was enacted to address the need for an adjustment in financial provisions related to the purchase of homes under the War Service Homes Act 1918–1961. This Act was passed by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, aiming to alleviate financial burdens on purchasers and increase the maximum advance available to borrowers. Specifically, the Act reduces the minimum deposit required from purchasers by seven hundred and fifty pounds and correspondingly increases the maximum advance available to borrowers by the same amount. The policy objective is to provide more accessible housing finance options for eligible war service personnel, thereby supporting their settlement and housing needs post-service. The amendments to the Principal Act are effective from the day the Act received Royal Assent.
Scope and Application
The War Service Homes Act 1962 applies to individuals and entities that were originally covered under the War Service Homes Act 1918–1961, specifically those engaged in the purchase and financing of war service homes. This Act modifies the financial parameters for such transactions by reducing the minimum deposit required from purchasers and increasing the maximum advance available to borrowers. Geographically, this Act operates under the Commonwealth jurisdiction, thereby affecting all states and territories within Australia. It does not introduce any explicit exclusions, exemptions, or thresholds beyond what is stipulated in the Principal Act. The application and enforcement of this Act may be further extended or restricted through subordinate instruments, which may provide additional regulations or clarifications regarding its implementation.
Key Provisions
The War Service Homes Act 1962 introduces amendments to the War Service Homes Act 1918-1961, specifically focusing on the financial aspects of home purchasing for war service personnel. The most significant changes are found in sections three and four, which alter the financial requirements for purchasing homes under this Act. Specifically, Section 19(4) and Section 21 of the Principal Act are amended to change the minimum deposit from £2,750 to £3,500, while concurrently increasing the maximum advance available to borrowers by the same amount.
Under the amended Act, potential home buyers who are eligible under the War Service Homes Act 1918-1962 must now provide a minimum deposit of £3,500. This change is intended to better accommodate the financial circumstances of eligible war service personnel. The increased deposit amount is intended to ensure that borrowers have a greater equity stake in their homes, potentially reducing their reliance on the maximum available advance. The Act also stipulates that the maximum advance a borrower can receive is now £3,500, aligning with the new deposit requirement.
Failure to comply with the requirements set out in this Act may result in civil or criminal penalties. However, the specific nature and extent of these penalties are not detailed within the text of this particular Act. It is important to note that while the Act itself does not specify penalties for non-compliance, breaches of other related legislation or contractual obligations may incur penalties under those specific provisions.
The amendments made by the War Service Homes Act 1962 are designed to improve the financial accessibility of home purchasing for eligible war service personnel, but adherence to the Act’s provisions is essential to avoid any potential legal repercussions.