Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p33
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 33/51)
Character Range: 245601–248396

construction of owner‑occupied houses in any State or Territory on terms including that the first interest rate to be applied is lower than the Benchmark rate determined in accordance with Sub‑clause 11.10.7, then the Subsidy payable to the Bank by the Commonwealth in respect of each Subsidised Advance provided by the Bank to an Entitled Applicant in the relevant State or Territory during the period in which such publicly announced loans are available, shall be determined by reference to that lower rate for a period equal to the period during which that lower rate applies to such publicly announced loans. Thereafter the normal Benchmark rate shall apply.
    11.11 Bank Providers of Housing Finance
    The Bank and the Commonwealth hereby agree that for the purposes of this Agreement until 1 July 1989 the five (5) largest banking group providers of housing finance in Australia shall be:
       (a) The Commonwealth Bank of Australia;
       (b) Westpac Banking Corporation;
       (c) The State Bank of Victoria;
       (d) The National Australia Bank; and
       (e) the Australia and New Zealand Bank Group Limited.
    11.12 Fall in Benchmark Rate
    In the event that the Benchmark rate of interest prescribed in Sub‑clause 11.10 falls below the actual rate of interest payable by a Borrower in respect of a Specified Portfolio Asset and/or Subsidised Advance, the Bank agrees to pay to the Commonwealth, on a monthly basis, an amount to be calculated as follows:
    Such amount shall be equal to the difference between the notional amount of interest payable in that month by a Borrower on the Balance outstanding on any Subsidised Advance Loan Account at the end of the preceding month, calculated by applying the Benchmark rate of interest to that Balance and the amount of interest payable in that same month by the Borrower calculated by applying to the same Balance the actual rate(s) of interest prescribed under the terms and conditions governing that Subsidised Advance Loan Account.
    11.13 Deduction from Subsidy Payments
    Any amount payable by the Bank pursuant to Sub‑clause 11.12 shall be deducted from the Bank's claim for Subsidy provided pursuant to Sub‑clause 11.4. In the event that such deductions exceed the total sum of Subsidy calculated in accordance with Sub‑clause 11.9 then any net sum payable by the Bank to the Commonwealth shall be paid fifteen (15) days after the relevant Rest Day.
    11.14 Where Benchmark Rate falls below 6.85 per cent
    In the event that the Benchmark rate of interest prescribed in Sub‑clause 11.10 falls below 6.85 per cent or such other rate as may be specified in the Amended Act for inclusion in Certificates of Entitlement for initial advances and is likely in the opinion of either the Bank or the Commonwealth