Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p18
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 18/50)
Character Range: 114394–117229

Subsidised Loan Account number) with that advised by the Commonwealth, then unless the parties can resolve the discrepency in records the Bank agrees that it will repay to the Commonwealth the Subsidy received within three (3) days of its receipt.

    8. OVER‑PAYMENT OF SUBSIDY
    8.1 Where immediate repayment required
     In the event that the Bank receives a Subsidy payment for the benefit of a Subsidised Borrower and:
       (a) the Mortgage has been discharged;
      (b) the Property or Mortgage has been transferred without the issue of a Grant of Approval; or
        (c) the Subsidised Loan has been repaid,
    the Bank agrees that it will repay the amount of Subsidy received to the Commonwealth within three (3) days of its receipt, together with written advice as to the reason for the return of the Subsidy amount.
    8.2 Where Over‑payments are to be added to Subsidised Loan Account
    Subject to Sub‑clause 8.3 and 8.5, where Subsidy has not been paid in accordance with the Act and there has been an over‑payment of Subsidy, the following procedures shall be followed:
      (a) the amount payable to the Commonwealth shall be the due amount determined in accordance with the provisions of the Act;
      (b) the Commonwealth will notify the Subsidised Borrower and the Bank of the over‑payment of Subsidy and request that the Subsidised Borrower within thirty (30) days either,
         (i) repay the due amount directly to the Commonwealth; or
         (ii) consent to the due amount being paid to the Commonwealth in the manner provided in Sub‑clause 8.2(d);
      (c) the due amount shall be paid to the  Commonwealth by the Bank in the manner provided in Sub‑clause 8.2(d) where:
         (i) the Subsidised Borrower at any time so consents,
         (ii) the Subsidised Borrower makes no reply to the Commonwealth's request under Sub‑clause 8.2 (b),
         (iii) the Commonwealth obtains a judgment of a court against the Subsidised Borrower for payment of the due amount which is not paid within thirty (30) days of the date of the judgment, or
         (iv) seeks a review of a decision of the Commonwealth pursuant to the Act relating to relief against hardship and the decision of the Commonwealth is upheld, or the due amount reduced and the due amount is not paid to the Commonwealth within thirty (30) days of written notification to the Subsidised Borrower of the Commonwealth's decision;
      (d) where Sub‑clause 8.2 (c) is applicable, the Commonwealth shall notify the Bank in writing and the Bank shall,
         (i) pay the due amount to the Commonwealth and add the amount of such payment to the principal sum outstanding on the Subsidised Borrower's Subsidised Loan Account, and,
         (ii) immediately advise the Commonwealth in writing that the amount has been so added specifying