Document ID: chunk:federal_register_of_legislation:F2022L01439:clause:1_28:p1
Version: federal_register_of_legislation:F2022L01439
Segment Type: clause
Provision Reference: sch 1 cl 28 (pt 1/2)
Character Range: 17674–21076

28  Section 7.3.31
    Repeal the section, substitute:

7.3.31    Amounts and kinds of costs that may be reimbursed
1.  A reimbursement for a cost listed in column A of the following table is the actual amount up to the amount set out in Column B of the same item.

Item  Column A                                                                                                                                                         Column B

      Member costs                                                                                                                                                     Reimbursement
1.    Professional fees and disbursements for the purchase or sale.                                                                                                    The amount generally charged by a solicitor or land broker in the State or Territory where the home is located.
2.    Professional fees and disbursements for, or discharge of, a related mortgage, including those incurred by the mortgagee.                                         The amount generally charged by a solicitor or land broker in the State or Territory where the home is located.
3.    Costs incurred in items 1 or 2 above where a solicitor or land broker was not engaged, but does not include any procurement fee paid to negotiate the mortgage.  Reasonable costs.
4.    Agent's commission for the purchase of the home on behalf of the member or eligible person.                                                                      The amount generally charged by an agent in the State or Territory where the home is located.
5.    Agent or auctioneer's commission, fees or advertising expenses for the sale of the home.                                                                         The amount generally charged by an agent or auctioneer in the State or Territory where the home is located.
6.    Advertising costs for the sale of the home where an agent or auctioneer was not engaged.                                                                         10% of the amount generally charged by an agent or auctioneer in the State or Territory where the home is located.
7.    Amount paid to a mortgagee, in addition to the principal sum and interest due under the mortgage, for early discharge of mortgage on the sale.                   The amount equal to 6 months interest at the rate payable on the date of the discharge of mortgage.
8.    Mortgage insurance for the purchase a mortgagee requires the member or eligible person to pay.                                                                   Mortgage insurance for a loan amount up to and including the purchase price of the home a mortgagee requires the member or eligible member to pay.
9.    Government duties or fees for the purchase or sale, or related mortgage or discharge of mortgage.                                                                The amount generally charged by a government authority in the State or Territory where the home is located.

2.  If Goods and Services Tax is included in a cost in items 1 to 8 of the table in subsection 1, the reimbursement includes the Goods and Services Tax.
3.  If a person, who is not a dependant, holds a registered proprietary interest in a home with a member, the member is eligible for a share of the total reimbursement amount proportionate to the interest