Defence Home Ownership Assistance
Scheme (Average House Price and
Median Interest Rate)
Determination 2008
made under subsections 52(1) and 53(1) of the
Defence Home Ownership Assistance Scheme Act 2008
Compilation No. 9
Compilation date:
1 July 2017
Includes amendments up to:
F2017L00662
Registered:
3 July 2017
Prepared by the Office of Parliamentary Counsel, Canberra
About this compilation
This compilation
This is a compilation of the Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate) Determination 2008 that
shows the text of the law as amended and in force on 1 July 2017 (the
compilation date).
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.
Editorial changes
For more information about any editorial changes made in this compilation, see
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If a provision of the compiled law has been repealed in accordance with a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.
Contents
1
3
4
5
Name of Determination............................................................................................... 1
Definitions .................................................................................................................. 1
Average house price.................................................................................................... 1
Median interest rate..................................................................................................... 1
Endnotes
3
Endnote 1—About the endnotes
3
Endnote 2—Abbreviation key
Endnote 3—Legislation history
4
Endnote 4—Amendment history
6
Defence Home Ownership Assistance Scheme (Average House Price and Median
5
i
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Section 1
1 Name of Determination
This Determination is the Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate) Determination 2008.
3 Definitions
In this Determination:
Act means the Defence Home Ownership Assistance Scheme Act 2008.
CANNEX means CANNEX (AUST) Pty Limited (ACN 053646165).
4 Average house price
For subsection 52(1) of the Act, the table sets out the average house price for a
financial year.
Item
Financial year
Average house price
1
2008–2009
$467 897
2
2009–2010
$429 073
3
2010–2011
$494 432
4
2011–2012
$508 098
5
2012–2013
$483 440
6
2013–2014
$520 271
7
2014-2015
$579 486
8
2015–2016
$609 518
9
2016–2017
$661 729
10
2017–2018
$700,317
5 Median interest rate
(1) For section 53 of the Act, this section sets out a method for determining the
median interest rate for a monthly authorisation period.
Step 1
(2) List and number, in ascending order of value, the annual interest rates published
by CANNEX 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 financial
institution, list those institutions in alphabetical order.
Defence Home Ownership Assistance Scheme (Average House Price and Median
1
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Section 5
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 6th 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 6th entry is 9.3%. The interest rate in
the 7th entry is 9.5%. The interest rate identified under Step 2 would be 9.3% + 9.5% =
18.8%. Divide this sum by 2. The interest rate determined is 9.4%.
Step 3
(6) Divide the interest rate determined under Step 2 by 12.
(7) The result in Step 3 is the median interest rate for the monthly authorisation
period.
2
Defence Home Ownership Assistance Scheme (Average House Price and Median
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Endnotes
Endnote 1—About the endnotes
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.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and
presentational changes to a compiled law in preparing a compilation of the law for
registration. The changes must not change the effect of the law. Editorial changes take effect
from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the
changes in general terms. Full details of any changes can be obtained from the Office of
Parliamentary Counsel.
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.
Defence Home Ownership Assistance Scheme (Average House Price and Median
3
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Endnotes
Endnote 2—Abbreviation key
Endnote 2—Abbreviation key
ad = added or inserted
o = order(s)
am = amended
Ord = Ordinance
amdt = amendment
orig = original
c = clause(s)
C[x] = Compilation No. x
par = paragraph(s)/subparagraph(s)
/sub-subparagraph(s)
Ch = Chapter(s)
pres = present
def = definition(s)
prev = previous
Dict = Dictionary
(prev…) = previously
disallowed = disallowed by Parliament
Pt = Part(s)
Div = Division(s)
r = regulation(s)/rule(s)
ed = editorial change
reloc = relocated
exp = expires/expired or ceases/ceased to have
effect
renum = renumbered
F = Federal Register of Legislation
rs = repealed and substituted
gaz = gazette
s = section(s)/subsection(s)
LA = Legislation Act 2003
Sch = Schedule(s)
LIA = Legislative Instruments Act 2003
Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given
effect
SLI = Select Legislative Instrument
(md not incorp) = misdescribed amendment
cannot be given effect
Sub-Ch = Sub-Chapter(s)
mod = modified/modification
underlining = whole or part not
commenced or to be commenced
No. = Number(s)
4
rep = repealed
SR = Statutory Rules
SubPt = Subpart(s)
Defence Home Ownership Assistance Scheme (Average House Price and Median
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Endnotes
Endnote 3—Legislation history
Endnote 3—Legislation history
Name
Registration
Commencement
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Determination 2008
11 Dec 2008
(F2008L04536)
1 July 2008 (s 2)
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2009 (No. 1)
29 June 2009
(F2009L02561)
1 July 2009 (s 2)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2010 (No. 1)
29 June 2010
(F2010L01864)
1 July 2010 (s 2)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2011 (No. 1)
30 June 2011
(F2011L01347)
1 July 2011 (s 2)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2012 (No. 1)
28 June 2012
(F2012L01372)
1 July 2012 (s 2)
—
Defence Home Ownership Assistance Scheme
Amendment (Average House Price and Median
Interest Rate) Determination 2013
17 June 2013
(F2013L01012)
1 July 2013 (s 2)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2014
25 June 2014
(F2014L00815)
1 July 2014 (s 2)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2015
19 June 2015
(F2015L00848)
1 July 2015 (s 2(1))
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Determination 2008
1 June 2016
(F2016L00970)
1 July 2016 (s 2(1)
item 1)
—
Defence Home Ownership Assistance Scheme
(Average House Price and Median Interest Rate)
Amendment Determination 2017
14 June 2017
(F2017L00662)
1 July 2017 (s 2(1)
item 1)
—
Defence Home Ownership Assistance Scheme (Average House Price and Median
Application,
saving and
transitional
provisions
5
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17
Endnotes
Endnote 4—Amendment history
Endnote 4—Amendment history
Provision affected
How affected
s 2 .................................................. rep LIA s 48D
s 4 .................................................. rs No 1, 2009
am No 1, 2010; No 1, 2011
rs No 1, 2012
am F2013L01012; F2014L00815; F2015L00848; F2016L00970; F2017L00662
6
Defence Home Ownership Assistance Scheme (Average House Price and Median
Interest Rate) Determination 2008
Compilation No. 9
Compilation date: 30/6/17
Registered: 2/7/17