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Commissioner's Guideline : CG-HI-007 : First Home Owner Grant instalment arrangement policy



Commissioner's Guideline : CG-HI-007 : First Home Owner Grant instalment arrangement policy


Northern Territory. Department of Treasury and Finance


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Northern Territory -- Economic conditions -- Periodicals

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Northern Territory Government

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Northern Territorty Government

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Page 3 of 5 CG-HI-007 Commitment of additional funds 16. A condition of all instalment arrangements will be that any unexpected funds, windfalls or additional disposable income that becomes available to the recipient or their spouse will be used to reduce the amount of the debt. Where such amounts are available, TRO must be advised and the amounts applied to reduce the debt. Security for payment of the debt 17. A liability to repay the amount of the grant and to pay any penalty and interest will be secured by an overriding statutory charge on the home for which the recipient was paid the grant.6 18. TRO will register the overriding statutory charge against the home where full payment of the debt has not been received within the relevant 30-day payment period referred to in Commissioners Guideline CG-HI-002. The charge will not be removed until the debt is paid. 19. Where the recipient has sold the home before the charge is registered on that home, TRO may require security over another property owned by the recipient, particularly where the instalment arrangement exceeds six months. Other conditions 20. TRO will impose any other conditions as are considered appropriate in the circumstances of a particular case. Applications and supporting information 21. All applications for approval of an instalment arrangement must be in writing, setting out fully and in detail the recipients circumstances and reasons why the recipient requires additional time to pay the debt. 22. The application must include: (1) a proposed instalment arrangement, setting out the amount and frequency of payments (e.g. weekly, fortnightly or monthly); (2) details of savings and unused credit or loan facilities available to the recipient and their spouse or de facto partner to pay all or part of the debt; (3) details of the monthly income and expenditure of the recipient and their spouse or de facto partner; (4) for proposed instalments arrangements greater than 12 months, evidence of the recipient applying and being rejected for finance for all or part of the amount of the debt; and (5) any other information the recipient believes may assist TRO in determining the application. 23. An application for an instalment arrangement should be made as soon as possible once the grant recipient becomes aware of the debt. Any delay in lodging an application after the due date for payment may influence TROs assessment of the recipients commitment to the arrangement. 24. The application will be refused where the recipient does not provide sufficient information to enable TRO to make an informed decision on the application for approval or fails to provide additional information within a reasonable period when requested to by TRO. 6 Section 41(5) of the Act. http://www.treasury.nt.gov.au/PMS/Publications/TaxesRoyaltiesGrants/HomeOwnerIncent/CG-HI-002.docx