Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018

law://au/li/2018/f2018l00760@2026-11-14

Contents

Part 1 · Preliminary

1Name#

This instrument is the Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018.

3Authority#

This instrument is made under sections 52 and 53 of the Defence Home Ownership Assistance Scheme Act 2008.

5Definitions#

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a) authorisation day;

(b) monthly authorisation period.

In this instrument:

Act means the Defence Home Ownership Assistance Scheme Act 2008.

Canstar means Canstar Pty Limited ACN 053 646 165.

Part 2 · Average house price and median interest rate

6Average house price#

For the purposes of subsection 52(1) of the Act, the amount mentioned in column 2 of an item in the following table is the average house price in relation to the financial year mentioned in column 1 of the item.

Average house price
Item	Column 1Financial year	Column 2Average house price
1	2008-2009	$467,897
2	2009-2010	$429,073
3	2010-2011	$494,432
4	2011-2012	$508,098
5	2012-2013	$483,440
6	2013-2014	$520,271
7	2014-2015	$579,486
8	2015-2016	$609,518
9	2016-2017	$661,729
10	2017-2018	$700,317
11	2018-2019	$741,603
12	2019-2020	$718,071
13	2020-2021	$750,608
14	2021-2022	$777,343
15	2022–2023	$1,005,397
16	2023–2024	$912,289
17	2024–2025	$992,412
18	2025–2026	$1,034,225
19	2026–2027	$1,139,055

7Median interest rate#

(1)For the purposes of section 53 of the Act, this section sets out the method for working out an interest rate for a monthly authorisation period for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act.

Step 1

(2)List and number, in ascending order of value, the monthly interest rates published by Canstar in relation to owner-occupier standard variable home loans offered by lending institutions in Australia, at the authorisation day.

(3)If an interest rate of the same value is offered by more than one lending institution, list those institutions in alphabetical order.

Step 2

(4)If the list compiled under step 1 contains an odd number of entries, determine the interest rate that is, numerically, the middle of the list.

Example: If a list contains 11 entries, the interest rate in the sixth entry in the list would be determined.

(5)If the list compiled under step 1 contains an even number of entries:

(a)identify the 2 interest rates that are either side of the numerical middle of the list; and

(b)calculate the sum of the 2 interest rates identified under paragraph (a); and

(c)divide the sum calculated under paragraph (b) by 2.

Example: A list contains 12 entries. The interest rate in the sixth entry is 4.6%. The interest rate in the seventh entry is 4.8%. The interest rate identified under step 2 would be 4.6% + 4.8% = 9.4%. Divide this sum by 2. The interest rate determined is 4.7%.

(6)The result in step 2 is the interest rate for the purposes of paragraph (a) of the definition of median interest rate in subsection 53(2) of the Act for the monthly authorisation period.

Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.

Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018

Defence Home Ownership Assistance Scheme (Average House Price and Median Interest Rate) Determination 2018

Part 1 · Preliminary

1Name#

3Authority#

5Definitions#

Part 2 · Average house price and median interest rate

6Average house price#

7Median interest rate#

Step 1

Step 2

Defined terms · 2

Connections

History · 1 version

Key facts

Part 1 · Preliminary

1Name#

3Authority#

5Definitions#

Part 2 · Average house price and median interest rate

6Average house price#

7Median interest rate#

Step 1

Step 2