Applicant
An applicant is a person who, on settlement of the home, will be a registered owner (be named on the title) of that home.
Natural person
An individual person, not an organisation, company, trust or other body or entity.
Relevant interest
A person with a relevant interest is generally someone with a legal entitlement to the property being purchased or built. Normally, this will be the person(s) listed on the title as the registered owner. A person must not have a relevant interest in any land to be eligible for the Homebuyer Fund.
Principal place of residence and occupancy
A principal place of residence (PPR) simply means the primary home in which you live. You must use and occupy the property as your principal place of residence at all times during the term. This does not include holiday or investment properties. If there is more than one applicant, at least one of those people must use and occupy the property at all times. The property must also be vacant when purchased or, if under a lease, the lease must expire within 12 months of the acquisition date and any tenants must vacate the property.
Australian or New Zealand citizen, or permanent resident
An Australian or New Zealand citizen, or permanent resident of Australia.
Related party
A person or entity who is related to, or associated with you including:
- relatives by birth or marriage (including parents, grandparents, siblings, uncles, aunts, nephews, nieces, lineal descendants or adopted children of you or your spouse, and the spouse or civil partner of any of those people)
- business partners
- spouses, civil partners or children of such business partners
- any company you (or any person listed above) controls or can influence
- the trustees of any trust controlled by a you (or any person listed above) or of which you are a beneficiary or member.
Single parent
A person, as determined by the Scheme Administrative Agent, who is a parent, whether the natural parent, adoptive parent or legal guardian, who –
(a) does not have a Spouse or Domestic Partner; and
(b) has at least one Dependent that they are legally responsible for (whether alone or jointly with another person) in respect of the day-to-day care, welfare and development of the Dependent and that Dependent is in their care.
A parent who is separated but not divorced is not considered single for the purposes of this definition.
Dependent child
Dependent child means, in relation to a Single Parent –
(a) a “dependent child” as that term is defined in subsections (2), (3), (4), (5), (6) and (7) of Section 5 of the Social Security Act 1991
(b) a person in receipt of a disability support pension within the meaning of the Social Security Act 1991 (Cth) who lives with a Single Parent.
Spouse
Spouse means, in relation to a person, a person to whom that person is married.
Domestic partner
Domestic partner means, in relation to a person:
(a) a person who is in a registered domestic relationship with that person; or
(b) a person to whom that person is not married but with whom the person is living as a couple on a genuine domestic basis (irrespective of gender).
Gross Annual Income
Gross Annual Income means in respect of any 12-month period, the aggregate of the gross ‘assessable income’ and ‘exempt income’ (as defined in the Income Tax Assessment Act 1997 (Cth)) for each Participant. If in any relevant period a salary sacrifice arrangement (otherwise known as a salary packaging or total remuneration packaging arrangement) has the effect of reducing the gross ‘assessable income’ or ‘exempt income’ (as defined in the Income Tax Assessment Act 1997 (Cth)) of a Participant then (without double counting) the ‘Gross Annual Income’ is increased by the amount of the reduction.
Genuine savings
Money you have saved over time towards the deposit for your property, as determined by a participating lender.
