Document ID: chunk:federal_register_of_legislation:C2025C00096:section:37
Version: federal_register_of_legislation:C2025C00096
Segment Type: section
Provision Reference: s 37
Character Range: 133437–134096

37  Conversion of contract of sale into mortgage
  Where a purchaser executes a mortgage in favour of the Bank for the balance of the purchase money and interest, and all other money, payable under a contract of sale, the Bank shall be taken to have made, on the date of the mortgage, an initial advance to the purchaser under the agreement of an amount equal to the sum of the balance of the purchase money and all other money (including interest) payable under the contract as at that date, being an advance that is subject to the prescribed conditions and on which subsidy is payable by the Commonwealth.

Part VI—Defence Service Homes Insurance Scheme