Document ID: chunk:federal_register_of_legislation:C2024C00682:section:15
Version: federal_register_of_legislation:C2024C00682
Segment Type: section
Provision Reference: s 15
Character Range: 33478–34946

15  Grant of approval
 (1) On receipt of an application for approval under section 14, the Secretary must grant the application if, and only if, the Secretary is satisfied that:
 (a) the person's subsidy period has not ended; and
 (b) the person, or the person's spouse or de facto partner, is not the owner of a house in Australia (other than that in respect of which the loan was made) being a house acquired after the person obtained the subsidised loan.
Note: See section 5.
 (2) Subsidy does not become payable in relation to an increase in an advanced amount under a subsidised loan to a person unless or until the Secretary is satisfied that the amount of the increase has been used by the person:
 (a) to enlarge, renovate or repair the house in respect of which the loan was made, or to construct any permanent improvements on the land on which the house is built; or
 (b) to discharge another loan used by the person for a purpose of the kind mentioned in subparagraph 20(2)(g)(i), (ii), (iii), (iv) or (v).
 (3) The Secretary must not grant an approval after the finishing day.
 (4) Where the Secretary approves the payment of subsidy in relation to an increase in an advanced amount, the Secretary must cause a notice of approval, in the approved form, to be sent to the applicant and the Bank.
 (5) An approval under this section stops having any effect if the increase to which it relates is not obtained within 12 months after the approval is granted.