Commonwealth Numbered Acts

DEFENCE HOME OWNERSHIP ASSISTANCE SCHEME ACT 2008 (NO. 27, 2008) - SECT 40

Scope

             (1)  This section applies if the subsidised loan is for the purpose of building work, or to discharge another loan for such a purpose.

Subsidy condition

             (2)  At any time during the period covered by subsection (3), the subsidised borrower, or a partner or dependant of the subsidised borrower, must occupy a house on the land as a home.

             (3)  This subsection covers the period:

                     (a)  starting on the day the building work is completed; and

                     (b)  ending:

                              (i)  1 year after that day; or

                             (ii)  if the Secretary is satisfied that there are service requirements, or exceptional circumstances, justifying a shorter period of occupation--at an earlier time approved by the Secretary in writing.

Note:          The building work must be completed within 2 years after the first authorisation day for the subsidy (see section 37).