Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p20
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 20/51)
Character Range: 211942–214854

7.1.1 In the event of an applicant approaching the Bank for
            (a) a Subsidised Advance;
            (b) Instalment Relief; and/or
            (c) Transfer of Land and Subsidy
         the Bank shall provide the applicant with an application for a Certificate of Entitlement which application shall be completed by the applicant.
         7.1.2 The Bank agrees that nothing in this Agreement prohibits an applicant for a Certificate of Entitlement from applying initially directly to the Commonwealth for the purpose of obtaining such Certificate except that in the case of an application for a Certificate of Entitlement for Instalment Relief, such application can only be made through the Bank.
         7.1.3 The Bank or the applicant shall forthwith on completion of an application for a Certificate of Entitlement forward that application to the Commonwealth.
         7.1.4 On receipt by the Commonwealth of a completed application for a Certificate of Entitlement either from the Bank or an applicant, the Commonwealth shall proceed to determine whether the applicant is an Entitled applicant and, if so, shall issue to the applicant a Certificate of Entitlement.
         7.1.5 On receipt by the Commonwealth of a completed application for a Certificate of Entitlement for Instalment Relief from the Bank, the Commonwealth shall proceed to determine whether the applicant is an Entitled applicant and, if so, shall issue a Certificate of Entitlement within seven (7) days of receipt of the said application by the Commonwealth.
    7.2. Certificate of Entitlements
         7.2.1 A Certificate of Entitlement shall comprise two (2) parts, part A of which shall be limited to the following information:
            (a) the maximum amount of a Subsidised Advance;
            (b) the maximum term of a Subsidised Advance;
            (c) the purpose for which the Subsidised Advance is to be used by the entitled applicant;
            (d) the interest rate chargeable by the Bank to an Entitled Applicant in respect of a Subsidised Advance;
            (e) where payment to a nominated payee is required, the name of that payee;
            (f) in the case of Instalment Relief, the amount of reduction in instalments, the period over which such reduction is to be granted by the Bank to the Borrower and the amount, if any, of the outstanding arrears on the Borrower's Subsidised Advance Loan Account at the date of effect of the Instalment Relief that may be incorporated in the Limit of that account; and
            (g) in the case of a consent to a Transfer of Land and Subsidy, whether the Commonwealth consents to pay Subsidy to the Bank for and on behalf of the proposed transferee in respect of the holding to be transferred.
         7.2.2 Part B of a Certificate of Entitlement may include any terms a breach of which would permit the Commonwealth to terminate or suspend Subsidy under