Document ID: chunk:federal_register_of_legislation:C2004A05067:schedule:1:p6
Version: federal_register_of_legislation:C2004A05067
Segment Type: schedule
Provision Reference: sch 1 (pt 6/8)
Character Range: 14413–17382

is borrowing for a purpose that is not wholly or predominantly a personal, domestic or household purpose; or

         (e) a contract, mortgage or guarantee that was entered into before the commencement of this paragraph.

    (2) For the purposes of this section:

       (a) investment by a borrower is not a personal, domestic or household purpose; and

       (b) the predominant purpose for which an individual is borrowing is:

           (i) the purpose for which more than one-half of the amount borrowed is intended to be used; or

           (ii) if the amount borrowed is intended to be used to obtain goods, services or rights in relation to, or interests in, real property for use for different purposes—the purpose for which the goods, services, rights or interests are intended to be most used.

23J Legal and financial assistance

      (1) A person who has made, or proposes to make, an application under section 23A or 23F may apply to the Attorney-General for a grant of assistance under this section in respect of the application.

      (2) If such an application for assistance is made, the Attorney-General, or an officer of the Australian Public Service authorised in writing by the Attorney-General, may, if he or she is satisfied that it would involve hardship to the applicant to refuse the application for assistance and that, in all the circumstances, it is reasonable that

      the application for assistance should be granted, authorise the grant by the Commonwealth to the person, either unconditionally or subject to any conditions that the Attorney-General or officer determines, of such legal or financial assistance in relation to the application under section 23A or 23F, as the case may be, as the Attorney-General or officer determines.

23K Jurisdiction of courts

      The courts of summary jurisdiction of the States are invested with federal jurisdiction, and (subject to the Constitution) jurisdiction is conferred on the courts of summary jurisdiction of the Territories, with respect to matters arising under this Part.

23L Definition

      In this Part:

      unjust includes unconscionable, harsh or oppressive.

5 After section 35

    Insert:

35A Modifications of agreement and other instruments

      (1) Despite clause 8.1 of the agreement and anything contained in any subsidised advance contract or in any portfolio mortgage, portfolio contract of sale, portfolio supplementary agreement or other portfolio agreement:

         (a) a subsidised advance or an amount owed to the Bank under a loan secured by a specified portfolio asset is repayable in equal monthly instalments comprising principal and interest; and

         (b) interest on each subsidised advance and each amount owed under a loan secured by a specified portfolio asset is to be:

            (i) charged in arrears; and

           (ii) calculated by applying the applicable annual percentage rate divided by 365 to the outstanding daily