Commonwealth Consolidated Acts

DEFENCE SERVICE HOMES ACT 1918 - SECT 38C

             (1)  The Commonwealth may undertake insurance of, or in relation to:

                     (a)  a dwelling-house in which the Corporation has an interest;

                     (b)  a dwelling-house in respect of which a subsidised advance has been made;

                     (c)  a dwelling-house in respect of which the Corporation proposes to make a Corporation advance, being a dwelling-house in which the applicant for that advance has an interest;

                     (d)  a dwelling-house in respect of which a person has applied for a certificate of entitlement, being a dwelling-house in which that person has an interest;

                     (e)  a dwelling-house that is the subject of a contract of sale, mortgage or other security which vests in the Bank under section 6B, being a dwelling-house owned by:

                              (i)  a person who is a borrower or purchaser in respect of that dwelling-house;

                             (ii)  the widow or widower of such a person; or

                            (iii)  the personal representative of such a person, widow or widower;

                      (f)  a dwelling-house that has been (whether before or after the commencing day), but has ceased to be, the subject of:

                              (i)  a contract of sale or mortgage entered into under this Act before the commencing day; or

                             (ii)  a mortgage securing a subsidised advance or a Corporation advance granted after the commencing day;

                            being a dwelling-house owned by:

                            (iii)  a person who was a borrower or purchaser in respect of that dwelling-house;

                            (iv)  the widow or widower of such a person; or

                             (v)  the personal representative of such a person, widow or widower;

                     (g)  a dwelling-house on land in which the Corporation has had an interest (whether before or after the commencing day), being a dwelling-house owned by:

                              (i)  a person who was a borrower or purchaser in respect of another dwelling-house on that land;

                             (ii)  the widow or widower of such a person; or

                            (iii)  the personal representative of such a person, widow or widower;

                    (ga)  a dwelling-house wholly or partially owned by an eligible person or an eligible veteran;

                   (gb)  a dwelling-house wholly owned by a person and his or her spouse or de facto partner who, under subsection 4A(1), are treated together as an eligible person for the purposes of this Act;

                     (h)  building materials on the site of a dwelling-house:

                              (i)  in which the Corporation has or will have an interest; or

                             (ii)  in respect of which a subsidised advance has been made or a person has applied for a certificate of entitlement; or

                            (iii)  that is referred to in paragraph (ga) or (gb);

                            being materials used in the building of, or otherwise in relation to, the dwelling-house; or

                      (j)  any permanent domestic improvement of a structural kind that has been made to a dwelling-house referred to in paragraph (a), (b), (c), (d), (e), (f), (g), (ga) or (gb), or on the land on which such a dwelling-house is built, and any building materials on the site of, and used in the building of, or in relation to, such an improvement.

             (2)  The Commonwealth may undertake insurance against risks related to the land on which a dwelling-house referred to in paragraph (1)(a), (b), (c), (d), (e), (f), (g), (ga) or (gb) is built or on which a dwelling-house referred to in paragraph (1)(h) is being, or is to be, built.

          (2A)  The Commonwealth may undertake insurance of, or in relation to:

                     (a)  a right of residence in a retirement village, being a right in respect of which a subsidised advance has been made; or

                     (b)  a right of residence in a retirement village in respect of which a person has applied for a certificate of entitlement, being a right the person has obtained; or

                     (c)  a right of residence in a retirement village in relation to which a subsidised advance was made but in relation to which there is no outstanding amount to be paid by the borrower; or

                     (d)  building materials on the site of a retirement village:

                              (i)  in respect of which a subsidised advance has been or will be made; or

                             (ii)  in respect of which a person has applied for a certificate of entitlement;

                            being materials used in the building of, or otherwise in relation to, the retirement village; or

                     (e)  any permanent domestic improvement of a structural kind that has been made to a retirement village referred to in paragraph (a), (b), (c) or (d) and any building materials on the site of, and used in the building of, or in relation to, such an improvement.

          (2B)  The Commonwealth may undertake insurance against risks related to the land on which a retirement village referred to in paragraph (2A)(a) or (b) is built or on which a retirement village referred to in paragraph (2A)(c) is being, or is to be, built.