2004-2005-2006-2007

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL 2007

 

 

 

EXPLANATORY MEMORANDUM

 

 

 

 

 

 

 

 

 

 

(Circulated by the Minister for Defence, the Hon. Dr. Brendan Nelson MP )

 

 

 

 

DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL 2007

 

OUTLINE

 

This Bill will amend the Defence Force (Home Loans Assistance) Act 1990 to extend the operation of the Defence HomeOwner Scheme for a further 6 months beyond its current finishing date of 31 December 2007.

 

The purpose of the Bill will be to:

 

·     permit issuance of certificates of entitlement that establish ADF members eligibility and access to the assistance up to 30 June 2008;

·     preserves the entitlement of ADF members who are eligible to assistance under the Defence HomeOwner Scheme, but have not accessed the entitlement.

·     gives effect to an agreement reached between the Commonwealth and the National Australia Bank, as the sole provider, to extend the current franchise date to 30 June 2008

 

 

 

 

FINANCIAL IMPACT

 

The amendments in the Bill have no financial impact.

 

 

DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL 2007

 

 

NOTES ON CLAUSES

 

 

Clause 1: Short Title

 

Provides for the Act to be cited as the Defence Force (Home Loans Assistance) Amendment Act 2007

 

Clause 2: Commencement

 

This Act commences on the day on which it receives the Royal Assent

 

Clause 3: Schedule(s)

 

Provides that each Act that is specified in a Schedule is amended or repealed as set out in the applicable items in the Schedule and that any other item in a Schedule has effect according to its terms.

Schedule 1 - Amendment of the Defence Force (Home Loans Assistance) Act 1990

 

 

Item 1 - The definition of finishing day is amended by omitting 31 December 2007 and substituting 30 June 2008