Reprint as at 1 April 2008

Home Ownership Savings Act 1974

Public Act	1974 No 51
Date of assent	12 September 1974

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Housing Corporation of New Zealand.

Title

1 Short Title and application

2 Interpretation

2A Cessation of opening of new Home Ownership Accounts

Part 1
Ordinary Home Ownership Accounts

3 Eligible savings

4 Notice of conditions

5 Ineligible depositors

6 Purchase grant

7 Interest subsidy

7A Capitalisation of interest subsidy

8 Preservation of benefits

9 Disposition of dwelling within 5 years of payment of purchase grant [Repealed]

10 Aggregation of benefits

11 Joint Accounts

11A New joint Ordinary Accounts not to be opened

12 Transferability

13 Payment to Corporation

14 Exemption from income tax

Part 2
Special Home Ownership Accounts

14A Special Home Ownership Accounts

14B Existing Ordinary Home Ownership Accounts

14C Transferability

14D Withdrawal and transfers from Special Home Ownership Account

14E Reopening of Special Home Ownership Accounts

14F Withdrawal certificate

14G Ineligible depositors

14H Breach of home ownership requirements

Part 3
General provisions

14I Available savings

14J Loans

14K Restrictions on dispositions

14L Effect of dispositions within restriction period

14M Charges and caveats

15 Information to be supplied to Minister or Corporation

16 Offences and penalties

17 Regulations

Reprint notes

An Act to encourage saving for home ownership

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

New Zealand Legislation: Acts

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