Document ID: chunk:federal_register_of_legislation:C2009A00046:clause:2_51c
Version: federal_register_of_legislation:C2009A00046
Segment Type: clause
Provision Reference: sch 2 cl 51C
Character Range: 15698–16804

51C  Monthly subsidy—joint and several liability for subsidised loans between non‑partners

Scope
 (1) This section applies to a subsidised borrower if:
 (a) the borrower is jointly and severally liable with another person in respect of the subsidised loan; and
 (b) the other person is not the borrower's partner.

Loan capital rules
 (2) For the purposes of section 51:
 (a) the capital amount owing by the subsidised borrower on the subsidised loan on the first authorisation day for the entitlement period is taken to be 50% of the total capital amount owing on the subsidised loan at that time; and
 (b) at any particular time, the subsidised borrower has the loan limit that applies under subsection 51(2).
Note 1: If liability for the subsidised loan is shared between the subsidised borrower and his or her partner, see sections 51A and 51B.
Note 2: If the subsidised borrower and another person (other than the borrower's partner) are liable individually in respect of the subsidised loan, section 51 applies in relation to the actual capital amount owing by the borrower on the subsidised loan.