Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:2:p1
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 2 (pt 1/23)
Character Range: 317232–320336

Schedule 2—Provisions of Defence Service Homes Act and regulations applying as terms and conditions of vested portfolio assets
Subsection 6B(9)

Defence Service Homes Act 1918

Provision            Modification
Subsection 4A(2)     (a) Omit "Any such husband and wife", substitute "A husband and wife who are joint tenants".
                     (b) Omit "an eligible person", substitute "a".
                     (c) Omit "this Act", substitute "the mortgage, contract of sale or other security".
Subsection 18A(3)    Omit "The cost so allotted", substitute "The cost allotted to a dwelling‑house by the Corporation under subsection 18A(1) of the Defence Service Homes Act 1918 as in force before the commencement of section 10 of the Defence Service Homes Amendment Act 1988 for the making of roads or other facilities affording access to the dwelling‑house or for connecting sewerage, drainage, water, gas and electric power and lighting systems to the dwelling‑house".
Subsection 18A(3A)   —
Subsection 18A(3B)   —
Subsection 18A(4)    (a) After "section 36" insert "as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6B (9) of the Defence Service Homes Act 1918".
                     (b) Omit "or advance under this Act", substitute ", mortgage or other security".
Section 19           (a) Omit subsections (1), (1A), (2), (3) and (4).
                     (b) Omit from subsection (6) "to the Corporation".
                     (c) Insert in subsection (6) "as those provisions apply as terms or conditions of a portfolio asset which vests in the Bank under subsection 6B(9) of the Defence Service Homes Act 1918" after "regulations".
                     (d) Omit from subsection (6) "prescribed notice", substitute "notice prescribed in regulation 10 as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6B(9) of the Defence Service Homes Act 1918".
                     (e) Omit from subsection (6) "prescribed form", substitute "form prescribed in regulation 9 as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6B(9) of the Defence Service Homes Act 1918".
                     (f) Insert in subsection (6) ", together with such other documentation setting out terms of repayment as is required by the Bank," after "contract of sale" (third occurring).
                     (g) Omit subsection (7), substitute the following subsection:
                         "(7) The mortgage and documentation executed by the person under subsection (6) must provide for:
                           (a) interest to be payable on the amount secured under the mortgage, being the balance of the amount payable under the contract of sale immediately before the date of the mortgage, at the same rate that was payable on that balance;
                           (b) where different rates of interest were payable on different parts of the balance referred to in paragraph (a), the amount secured by the mortgage is to be taken to