FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 4 - Requirements to make payments from FHSAs  

SECTION 32   Payment from FHSA for purposes of acquiring a home  

32(1)    
This section applies if:

(a) the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and

(b) the FHSA holder has declared in the application that the payment will satisfy the FHSA payment conditions mentioned in subsection 17(1) ; and

(c) any of the following requirements are met:

(i) personal FHSA contributions of at least $ 1,000 per financial year have been made for the FHSA holder in at least 4 financial years (one of which may be the financial year in which the payment is to be made);

(ii) the FHSA holder is in breach of the account balance cap, and has held an FHSA in at least 4 financial years (one of which may be the financial year in which the payment is to be made);

(iii) the FHSA holder has declared in the application that he or she will acquire a qualifying interest in a dwelling together with another FHSA holder in respect of whom the requirement in subparagraph (i) or (ii) is met; and

(d) the provider is satisfied that the requirements (if any) specified in the regulations are met; and

(e) the FHSA is not inactive.

32(2)    
The FHSA provider must pay the amount as requested:

(a) as soon as practicable after the application is made; and

(b) no later than 30 days after the application is made.

Offence

32(3)    
A person commits an offence if the person contravenes subsection (2).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

32(4)    
A contravention of subsection (2) does not affect the validity of a transaction.