Document ID: chunk:federal_register_of_legislation:F2009B00008:body:0:p11
Version: federal_register_of_legislation:F2009B00008
Segment Type: other
Provision Reference: 
Character Range: 33599–36729

assistance may be provided shall not be more than 3 years.

 (2) The period of a project for which Start Graduate financial assistance may be                             provided shall not be more than 2 years.

 (3) However, except in the case Start Graduate financial assistance, the Board may                             extend the period within which a project which receives financial assistance                             must be completed to a maximum of 5 years if the Board reasonably considers                             that the objectives of the project would be advanced significantly by the                                           extension.

 (4) For the purposes of subclauses (1), (2) and (3), the Board may determine that the                             period of a project excludes any time during which work on the project has been                             suspended if:

  (a) the total time excluded:

   (i) would not be longer than the total time during which work on the                                                         project has been suspended continuously for at least 30 days; and

   (ii) would not be longer than 1 year, and

  (b) the determination would significantly advance the objectives of the                                           project.

 (5) A loan must be fully paid by the Board within 3 years of the day on which the                             agreement for the loan was made (the issue date of the agreement).

Interest charged on Start Premium financial assistance

27. The maximum interest rate which will be applicable to the balance of repayable Start               Premium financial assistance will be 1.5 times the indexed rate set out in Table F5               (Indicator Lending Rates) published monthly in the Reserve Bank of Australia Bulletin               or in a similar commercial borrowing rate index current at the time when the agreement               for the Start Premium financial assistance was entered into.

Interest charged on loans

28. (1) This clause applies subject to clause 29.

 (2) A loan must be repaid, and interest on the loan must be paid, to the                              Commonwealth within 6 years of the day on which the agreement for the loan                             was made.

 (3) Interest on the balance of a loan:
  (a) must be charged at the rate of 40% of the Commonwealth Bank Loan                                           Index Rate, or such other rate as the Board may decide;

  (b) is fixed for the term of the loan; and

  (c) accrues daily from the end of 36 months after the date of the agreement.

 (4) Unless repaid sooner, loan repayments must be made in 6 equal instalments in                             accordance with subclauses (5), (6) and (7).

 (5) The first repayment must be made no later than 42 months after the date of the                             agreement.

 (6) The second repayment must be made no later than 6 months after the day on                             which the first repayment was due to be made.

 (7) Succeeding repayments must be made no later than at 6 monthly