Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018

made under sections 52 and 53 of the Defence Home Ownership Assistance Scheme Act 2008.

Compilation No. 1

Compilation date:   1 July 2019

Includes amendments up to: Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Amendment Determination 2019

About this compilation

This compilation

This is a compilation of the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018 that shows the text of the law as amended and in force on 1/7/2019.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Part 1—Preliminary

1  Name

  This instrument is the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018.

3  Authority

  This instrument is made under sections 52 and 53 of the Defence Home Ownership Assistance Scheme Act 2008.

5  Definitions

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a) authorisation day;

(b) monthly authorisation period.

  In this instrument:

Act means the Defence Home Ownership Assistance Scheme Act 2008.

Canstar means Canstar Pty Limited ACN 053 646 165.

Part 2—Average house price and median interest rate

6  Average house price

  For the purposes of subsection 52(1) of the Act, the amount mentioned in column 2 of an item in the following table is the average house price in relation to the financial year mentioned in column 1 of the item.

7  Median interest rate

 (1) For the purposes of section 53 of the Act, this section sets out the method for working out an interest rate for a monthly authorisation period for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act.

Step 1

 (2) List and number, in ascending order of value, the monthly interest rates published by Canstar in relation to owner‑occupier standard variable home loans offered by lending institutions in Australia, at the authorisation day.

 (3) If an interest rate of the same value is offered by more than one lending institution, list those institutions in alphabetical order.

Step 2

 (4) If the list compiled under step 1 contains an odd number of entries, determine the interest rate that is, numerically, the middle of the list.

Example: If a list contains 11 entries, the interest rate in the sixth entry in the list would be determined.

 (5) If the list compiled under step 1 contains an even number of entries:

 (a) identify the 2 interest rates that are either side of the numerical middle of the list; and

 (b) calculate the sum of the 2 interest rates identified under paragraph (a); and

 (c) divide the sum calculated under paragraph (b) by 2.

Example: A list contains 12 entries. The interest rate in the sixth entry is 4.6%. The interest rate in the seventh entry is 4.8%. The interest rate identified under step 2 would be 4.6% + 4.8% = 9.4%. Divide this sum by 2. The interest rate determined is 4.7%.

 (6) The result in step 2 is the interest rate for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act for the monthly authorisation period.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history. 

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history