Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p53
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 132526–135295

Applicant's application to the Bank, in accordance with the lending criteria set out in Schedule "C", and advise the Entitled Applicant of the outcome of the same within fifteen (15) Business Days of receipt of such application or Certificate of Entitlement, whichever is the later. Where the application is successful the Bank agrees that it will make the Subsidised Advance, grant the Instalment Relief and/or give effect to the Commonwealth's consent to the Transfer of Land and Subsidy for or on behalf of the Entitled Applicant, in accordance with Part A of the Certificate of Entitlement issued by the Commonwealth, on the date requested by the Entitled Applicant, subject to the completion by the Entitled Applicant and the Bank of first mortgage requirements and documentation where necessary.
    7.4 Nominated Payee
    The Bank agrees that where it is specified in the Certificate of Entitlement that payment is to be made to a nominated payee, the Bank shall draw a bank cheque in favour of that nominated payee and make available same to the Borrower.
    7.5 Application of Lending Criteria
    The Bank is not obliged to make a Subsidised Advance or grant Instalment Relief or give effect to the Commonwealth's consent to the Transfer of Land and Subsidy unless the lending criteria specified in Schedule "C" are satisfied.

SCHEDULE 1—continued
    7.6 Alteration of Lending Criteria
    The Bank and the Commonwealth agree that the lending criteria set out in Schedule "C" will be subject to alteration from time to time to reflect changes in prevailing market conditions and lending norms as evidenced by the lending criteria then applied by the five (5) largest bank providers of housing finance determined in accordance with Sub-clause 11.10. Where the Bank considers that circumstances in the market justify such an alteration, it shall advise the Commonwealth at least thirty (30) days prior to the intended date of effect of the proposed alteration in the lending criteria. The Bank will continue to treat Entitled Applicants and Borrowers no less favourably in comparison with its other Housing Loan Customers in future than is the case as at the date of signing this Agreement, including in particular the special factors referred to in Sub-clause 7.8 which the Bank is expressly required by this Agreement not to take into account in applying its lending criteria to Entitled Applicants in future.
    7.7 Failure to meeting Lending Criteria
    The Bank further agrees that the failure by an Entitled Applicant to meet the lending criteria set out in Schedule "C" will be the sole basis for a refusal in whole or in part by the Bank to make the Subsidised Advance or grant the Instalment Relief or give effect to the Commonwealth's consent to