Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p14
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 32945–35611

(1) Where, on application by a person for a certificate of entitlement in relation to instalment relief that the person may seek from the Bank, the Secretary is satisfied that:
     (a) the applicant is the widow or widowed mother of an eligible person, or the wife of an eligible person who is temporarily or permanently insane, and is a purchaser or a borrower; or
     (b) the applicant is not a person referred to in paragraph (a) but is a purchaser or a borrower who is an eligible person and the amounts of the instalments payable under the relevant contract of sale, mortgage or other security include an amount of interest calculated at a rate of more than 3.75% per year;
and that it would cause financial hardship to the applicant if the applicant were to pay in full the amounts of the instalments, the Secretary shall

determine the amount by which the amounts of the instalments should be reduced and the period during which that reduction should apply.
"(2) Where the Secretary makes a determination, the Secretary shall issue to the applicant a certificate of entitlement specifying:
     (a) the amount by which the amounts of the instalments should be reduced and the period during which that reduction should apply; and
     (b) particulars of such other matters (if any) as are required by the agreement.
"(3) The Secretary shall cause a copy of each certificate of entitlement under this section to be given to the Bank.
"(4) On the issue of a certificate of entitlement under this section, the amounts of instalments payable under the contract of sale, mortgage or other security to which the certificate relates are, if the Bank grants instalment relief to the applicant, reduced by the amount specified in the certificate during the period specified in the certificate.

"PART IV—SUBSIDY ON ADVANCES ETC.

Subsidy payable by Commonwealth
"24. (1) Subject to this Part, subsidy is payable by the Commonwealth to the Bank on a subsidised advance to a person.
"(2) Subject to this Part, subsidy is payable by the Commonwealth to the Bank in relation to a specified portfolio asset which vests in the Bank under section 6b, or a subsidised advance, where the land, or land and dwelling-house, to which the specified portfolio asset or advance relates has been transferred to a person to whom a certificate under section 22 has been issued in relation to that transfer.
"(3) Subject to this Part, subsidy is payable 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