Document ID: chunk:federal_register_of_legislation:F2024C01285:reg:29ia:p2
Version: federal_register_of_legislation:F2024C01285
Segment Type: reg
Provision Reference: reg 29IA (pt 2/3)
Character Range: 104753–107518

it is more than 12 months after the contract date—construction of the dwelling has commenced; and
 (iii) if subparagraph (ii) applies, and it is more than 24 months after construction commenced—construction of the dwelling has been completed; and
 (iv) if construction of the dwelling commenced on or before the contract date, and it is more than 24 months after the contract date—construction of the dwelling has been completed.
Note 1: The requirements in subsection (3) relate to the issue of a New Home Guarantee by Housing Australia. These requirements (as relevant) must be satisfied at the time the loan agreement is entered into and the New Home Guarantee is issued. Each requirement must only be satisfied to the extent that it applies in a particular case. The requirements do not affect the validity of a New Home Guarantee once issued (for example, if a requirement that had not arisen before entering into a loan agreement fails to be satisfied after the guarantee is issued).
Note 2: Guarantees may also be issued under section 29I for loans that meet the requirements of paragraph (a) and paragraph (b) or (c) (see subsections (14) and (15)). However, New Home Guarantees are subject to a different price cap (see subsection 29F(2A)).

Roll-over to 2021-22 financial year
 (4) The Minister may determine, in a written notice given to Housing Australia, that any unissued New Home Guarantees in the 2020-21 financial year, other than those to which subsection (5) applies, may be issued in the 2021-22 financial year.
 (5) This subsection applies to guarantees that have been approved by Housing Australia relating to loans where, at the relevant time, all relevant requirements in paragraphs (3)(b) and (c) have been satisfied.
 (6) In making a determination under subsection (4), the Minister must take into account the performance of the New Home Guarantee, and any unique circumstances influencing the uptake of New Home Guarantees.

Housing Australia must notify Minister
 (8) On the 100th day after the end of the 2020-21 financial year (or as otherwise directed by the Minister in writing), Housing Australia must notify the Minister, in writing, of the number of New Home Guarantees that were unissued in the financial year.
 (9) The notice under subsection (8) must include a detailed breakdown of the unissued New Home Guarantees as assessed at the time of the notice, including:
 (a) the number that were unissued; and
 (b) whether the unissued guarantees related to a major bank or other eligible lender; and
 (c) whether the unissued guarantees are reserved, or lapsed or expired; and
 (d) the details of any guarantees to which subsection (5) applies; and
 (e) any other information requested in writing by the Minister.

Counting of New