Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:5
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 5
Character Range: 23906–25659

5  Meaning of homeowner
  For the definition of homeowner in subsection 44‑11(1) of the Transitional Provisions Act:
 (a) a person is not a homeowner for the purposes of paragraph 44‑7(1)(b) of the Transitional Provisions Act if the value of the person's interest in the person's home does not exceed:
 (i) if a determination covered by subsection 44‑7(1B) of the Transitional Provisions Act for the person specifies a time after 19 September 2009—2.25 times the basic age pension amount at that time; or
 (ii) if the applicable time under subsection 44‑7(2) of the Transitional Provisions Act for a determination covered by subsection 44‑7(1C) of the Transitional Provisions Act for the person is after 19 September 2009—2.25 times the basic age pension amount at the applicable time; or
 (iii) in any other case—2.5 times the basic age pension amount at the applicable time under subsection 44‑7(2) of the Transitional Provisions Act; and
 (b) a person is not a homeowner for the purposes of paragraph 44‑8(1)(b) of the Transitional Provisions Act if the value of the person's interest in the person's home does not exceed:
 (i) if a determination covered by subsection 44‑8(1B) of the Transitional Provisions Act for the person specifies a time after 19 September 2009—3.61 times the basic age pension at that time; or
 (ii) if the applicable time under subsection 44‑8(2) of the Transitional Provisions Act for a determination covered by subsection 44‑8(1C) of the Transitional Provisions Act for the person is after 19 September 2009—3.61 times the basic age pension amount at the applicable time; or
 (iii) in any other case—4 times the basic age pension amount at the applicable time under subsection 44‑8(2) of the Transitional Provisions Act.