FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 15   Meaning of FHSA eligibility requirements  
When person meets the FHSA eligibility requirements

15(1)    
A person meets the FHSA eligibility requirements if:

(a) the person is an individual; and

(b) the person is aged at least 18 years and under 65 years; and

(c) the person has never held a qualifying interest in a dwelling in Australia or Norfolk Island at a time when the dwelling was the person ' s main residence; and

(d) the person has never held an FHSA when the person was aged less than 18 years; and

(e) either:

(i) the person has never held more than one FHSA at a time; or

(ii) the person has held 2 FHSAs at a time, and the balance of one of the FHSAs was transferred to the other FHSA as the initial contribution to the other FHSA; and

(f) either:

(i) the person has never held an FHSA that was closed; or

(ii) the requirement in subsection (2) is met for each FHSA that the person has held that was closed; and

(g) the person meets the requirements (if any) specified in the regulations.

Note:

If the person has or had an entitlement arise under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 in relation to an FHSA, section 128A of this Act affects this section.

Requirement for each FHSA that was closed

15(2)    
The requirement in this subsection is met for an FHSA if:

(a) the FHSA was closed following an FHSA home acquisition payment that met the FHSA payment conditions in subsection 17(3); or

(b) the FHSA was closed following an FHSA home acquisition payment, and it is still possible for the payment to meet the FHSA payment conditions in subsection 17(3) ; or

(c) the FHSA was closed as a result of a repayment made in accordance with subsection 992A(4) (unsolicited offer of financial product), section 1016F (defective product disclosure document) or section 1019B (cooling-off period) of the Corporations Act 2001 ; or

(d) the FHSA was closed following a payment made in accordance with subsection 51B(1) (unclaimed money); or

(e) the FHSA was closed following the transfer of its balance to 7 another FHSA as the initial contribution to the other FHSA.

Disregard requirement that person never held a qualifying interest

15(3)    
Disregard paragraph (1)(c) if:

(a) the person has given a notice under section 20 that contains a statement under paragraph 20(4)(aa) (about the person intending to seek an FHSA mortgage payment); and

(b) the person has not given a revocation of that notice under subsection 20(5) .