Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p4
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 7479–10191

an assignor other than the one in question.

"(13) For the purposes of the definitions of further advance and initial advance in subsection 4(1), a person who has been an assignor is taken to have been a borrower unless the person:

SCHEDULE 1—continued

    (a) was an assignor merely because the person is or was the personal representative of a deceased assignor; or

    (b) was an assignor merely because the person is or was an assignor together with the person's spouse, and became such an assignor on the basis that the person's spouse was an eligible person.".

14. After section 4AA:

Insert:

Joint ownership

"4AB.(1) A reference in this Act to any of the following kinds of property:

    (a) land;

    (b) a suburban holding under the Crown Lands Consolidation Act, 1913 of New South Wales, or under that Act as amended at any time, or under an Act enacted in substitution for that Act;

    (c) a unit defined in a units plan registered in accordance with a law of the Australian Capital Territory relating to unit titles;

    (d) a right of residence in a retirement village;

includes a reference to such property held by a person as a joint tenant or tenant in common.

"(2) A reference in this Act to a dwelling-house includes a reference to a dwelling-house that is built in or on land, such a suburban holding or such a unit, that is held by a person as a joint tenant or tenant in common.

"(3) A reference in this Act to a purchaser or borrower includes a reference to a person who is a purchaser or borrower as a joint tenant or tenant in common.

   Note: Section 17A deals with the issue of certificates of entitlement in relation to joint tenancies and tenancies in common.".

15. Part III (heading):

Omit the heading, substitute:

"PART III—NOTICES OF ELIGIBILITY, CERTIFICATES OF ENTITLEMENT AND CERTIFICATES OF ASSIGNMENT".

16. Subsection 15(1):

Add at the end:

"; (e) a certificate of assignment".

SCHEDULE 1—continued

17. Subsection 17(1):

Omit "advance to the applicant", substitute "advance to the applicant or the assignee of the applicant".

18. Paragraphs 17(3)(c) and (d):

Omit the paragraphs, substitute:

    "(c) if subsection 34(2) applies—specify the rates of interest and proportions of the further advance to which each of those rates of interest apply, as required by that subsection;

   (d) in any other case—specify the rate of interest payable on the advance; and".

19. Section 17:

Add at the end:

"(4) A certificate of entitlement issued under this section must:

    (a) if the certificate relates to an initial advance, or a further advance, that is not an assigned advance—specify that the advance is for the purposes referred to in subsection