Commonwealth of Australia Explanatory Memoranda

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DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL 2007

                          2004-2005-2006-2007



  THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                    HOUSE OF REPRESENTATIVES



DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL
                        2007



                   EXPLANATORY MEMORANDUM




 (Circulated by the Minister for Defence, the Hon. Dr. Brendan Nelson MP )
DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL
2007

OUTLINE

This Bill will amend the Defence Force (Home Loans Assistance) Act 1990 to extend
the operation of the Defence HomeOwner Scheme for a further 6 months beyond its
current finishing date of 31 December 2007.

The purpose of the Bill will be to:

· permit issuance of certificates of entitlement that establish ADF members eligibility
  and access to the assistance up to 30 June 2008;
· preserves the entitlement of ADF members who are eligible to assistance under the
  Defence HomeOwner Scheme, but have not accessed the entitlement.
· gives effect to an agreement reached between the Commonwealth and the National
  Australia Bank, as the sole provider, to extend the current franchise date to 30 June
  2008




FINANCIAL IMPACT

The amendments in the Bill have no financial impact.
  DEFENCE FORCE (HOME LOANS ASSISTANCE) AMENDMENT BILL
                          2007


                               NOTES ON CLAUSES


Clause 1: Short Title

Provides for the Act to be cited as the Defence Force (Home Loans Assistance)
Amendment Act 2007

Clause 2: Commencement

This Act commences on the day on which it receives the Royal Assent

Clause 3: Schedule(s)

Provides that each Act that is specified in a Schedule is amended or repealed as set
out in the applicable items in the Schedule and that any other item in a Schedule has
effect according to its terms.
Schedule 1 - Amendment of the Defence Force (Home Loans
Assistance) Act 1990

Item 1 - The definition of finishing day is amended by omitting 31 December 2007
and substituting 30 June 2008