These Regulations may be cited as the Home Deposit Assistance Regulations.

In these Regulations the Act means the Home Deposit Assistance Act 1982.

For the purposes of subsection 33 (2) of the Act, the sum referred to in paragraph 33 (1) (b) shall be adjusted by deducting from it an amount calculated in accordance with the following formula:

where:
a is the taxable income of any applicant, or the sum of the taxable incomes of any applicants, in relation to whom a direction or directions, as the case may be, has or have been given under subsection 37 (1) of the Act;
b is 24, 300; and
c is 25, 900.

For the purposes of subsection 39 (4) of the Act:

(a)

the lower relevant amount under subsection 39 (5) is $24,300; and

(b)

the higher relevant amount under subsection 39 (5) is $27,900.

(1)

Regulation 3 applies to and in relation to an application for a grant under the Act by an applicant, or by applicants, in relation to whom the date that is the prescribed date for the purposes of the Act is a date later than 17 March 1982 and not later than 30 June 1982.

(2)

Regulation 4 applies to and in relation to an application for a grant under the Act by an applicant, or by applicants:

(a)

in the case of an applicant or applicants to whom a direction has been given under subsection 37 (1) of the Act — in relation to whom the prescribed date for the purposes of the Act is a date later than 17 March 1982 and not later than 30 June 1982; and

(b)

in any other case — in relation to whom the date is the prescribed date for the purposes of the Act is a date later than 30 June 1982.