Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p15
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 35380–38047

by the Commonwealth to the Bank on:
     (a) all specified portfolio assets which vest in the Bank under section 6b; and
     (b) all advances that the Bank is taken to have made under section 37.

Maximum amounts for which subsidy is payable
"25. (1) Subject to this section, the amount that shall be specified under paragraph 17 (3) (a) in a certificate of entitlement issued to a person in relation to a subsidised advance that the person may seek from the Bank is:
     (a) in the case of an initial advance—such amount as the Secretary determines is necessary to give effect to the purpose for which the advance is made, being an amount that is not more than $25,000;
     (b) in the case of an additional advance—such amount as the Secretary determines is necessary to give effect to the purpose for which the advance is made, being an amount that is not more than the amount

    by which $25,000 exceeds the sum of the amounts of the contract of sale, Corporation advance, initial advance or further advance and any previous additional advance made to the person;
     (c) in the case of a widow's advance or an advance for essential repairs—such amount as the Secretary determines is necessary to give effect to the purpose for which the advance is made; and
     (d) in the case of a further advance—an amount equal to:
          (i) if the Minister's approval in relation to the further advance was required under section 19—the sum of:
              (a) the amount of the outstanding balance of the previous contract of sale or Corporation advance, and of any previous additional advance, immediately before the person ceased to be a purchaser or borrower in relation to that contract of sale or advance; and
              (b) any additional amount that the Secretary determines is necessary to give effect to the purpose for which the further advance is made;
          or $25,000 whichever is less; and
          (ii) in any other case—the amount of the outstanding balance of the previous Corporation advance or subsidised advance immediately before the person ceased to be a borrower in relation to that advance.
"(2) Where an initial advance is made to 2 or more persons jointly (being persons included in paragraph (b) or (d) of the definition of 'Australian Soldier' in section 4) in relation to a house or building used or to be used as a hospital, sanatorium or nursing-home, the Secretary may determine a maximum amount under paragraph (1) (a) that is more than $25,000 but shall not determine a maximum amount that is more than the sum of the maximum amounts that could have been determined if the advance had been made to each of those persons