Document ID: chunk:federal_register_of_legislation:F2018L01341:body:0:p2
Version: federal_register_of_legislation:F2018L01341
Segment Type: other
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Character Range: 2908–5208

in the case of a person who is partnered – whether the amount of weekly commitments on the home for the person's and his or her partner's principal home is more than 30% of their combined gross weekly income; or

         (ii)  in the case of a person who is not partnered – whether the amount of weekly commitments on the home for his or her principal home is more than 30% of his or her gross weekly income.

   6. Guidelines for serious financial hardship

   When deciding whether a person is suffering serious financial hardship for the purposes of section 21 of the Act, the Secretary is to have regard to:

       (a)   the hardship factors set out in section 7; and

       (b)   either:

         (i)     in the case of a person who is partnered – whether the amount of weekly commitments on the home for the person's and his or her partner's principal home exceeds their combined gross weekly income; or

         (ii)  in the case of a person who is not partnered – whether the amount of weekly commitments on the home for his or her principal home exceeds his or her gross weekly income.

   7. Hardship factors

   Each of the following is a hardship factor:

       (a)   in the case of a person who is partnered – whether the combined gross weekly income of the person and his or her partner is less than the average weekly earnings for an adult in full time employment in the State or Territory in Australia in which their principal home is located;

       (b)   in the case of a person who is not partnered – whether his or her gross weekly income is less than the average weekly earnings for an adult in full time employment in the State or Territory in Australia in which the person's principal home is located;

       (c)   whether there are other avenues through which the amount of the commitments on the home could be reduced, such as negotiating with the lender for a reduction in instalments by extending the repayment term or by other means;

       (d)   whether any attempts to obtain alternative financing have been successful;

       (e)   any other factors that the Secretary considers relevant, including but not limited to a person's health, employment situation, assets (other than the principal home) and financial commitments not relating to the principal home.