Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p1
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 1/51)
Character Range: 160939–164616

Schedule 1—Agreement between the Commonwealth of Australia and Westpac Banking Corporation
Subsection 4(1)

TABLE OF CONTENTS

Date of Agreement
Recitals
Clause

    1. DEFINITIONS AND INTERPRETATION
         1.1 Definitions
         1.2 Interpretation

    2. AGREEMENT
         2.1 Commonwealth to vest Portfolio Assets
         2.2 Assumption of obligations by Bank
         2.3 Payment of Subsidy
         2.4 Bank to act in accordance with Subsidy Scheme
         2.5 Provision of Subsidised Advances
         2.6 Provision of Instalment Relief and effecting Transfer of Land Subsidy
         2.7 Payment of deposits
         2.8 Exclusive right of Bank to receipt of Subsidy

    3. CONSIDERATION AND PAYMENT
         3.1 Calculation of Consideration
         3.2 Payment of Schedule
         3.3 Manner of Payment
         3.4 Delay in Proclamation of Amending Act
         3.5 Notice of Face Value
         3.6 Bank audit of Face Value
         3.7 Resolution of dispute as to amount of Face Value
         3.8 Vesting Date falling after Interest Commencement Date
         3.9 Bank audit of Final Face Value
         3.10 Resolution of Dispute as to Final Face Value

    4. VESTING OF PORTFOLIO ASSETS AND PAYMENT OF SUMS DEPOSITED BY BORROWERS
         4.1 Vesting
         4.2 Bank bound by Portfolio Assets
         4.3 Bank to perform the terms and conditions of Portfolio Assets
         4.4 Nomination of Vesting Dates
         4.5 Ministerial Determination of Vesting Dates
         4.6 Earliest Dates to be specified
         4.7 Existing Sums Deposited by Borrowers

    5. TRANSITION PROVISIONS
         5.1 Incomplete Applications for an Advance under the Act
         5.2 Incomplete Applications for Benefits under the Act
         5.3 Court orders
         5.4 Instalments
         5.5 Fees and Charges
         5.6 Documentation provided by Commonwealth
         5.7 Discount of Fees

    6. AMENDING ACT
         6.1 Amending Act being passed by Parliament
         6.2 Amendments to draft Bill
         6.3 Effect of Amendments
         6.4 No Notice by Bank
         6.5 Form of draft Bill
         6.6 Effect of Termination
         6.7 Agreement approved by Amending Act
         6.8 Amending Act Provisions
         6.9 Date of Proclamation after 30 June 1989

    7. APPLICATION/REVIEW—GENERAL
         7.1 Applications
         7.2 Certificate of Entitlement
         7.3 Obligations of Bank upon receipt of Certificate of Entitlement
         7.4 Nominated Payee
         7.5 Application of Lending Criteria
         7.6 Alteration of Lending Criteria
         7.7 Failure to meeting Lending Criteria
         7.8 Factors to be excluded by Bank
         7.9 Reasons for Bank's decision
         7.10 Commonwealth determination
         7.11 Non‑discrimination
         7.12 Treatment of Arrears
         7.13 Review of Commonwealth determination

    8. ADVANCES/INSTALMENT RELIEF/TRANSFER OF LAND AND SUBSIDY
         8.1 Repayment of Subsidised Advance
         8.2 Initial Advances—description
         8.3 Security
         8.4 Instalment Relief
         8.5 Transfer of land and Subsidy
         8.6 Fees
         8.7 Failure to meet lending criteria
         8.8 Further loans/instalment relief

    9. EXCESS CREDITS
         9.1 Provision of Excess Credit Arrangement
         9.2 Form of Excess Credit Arrangement
         9.3 Election by Borrower
         9.4 Loan Interest Offset Arrangement
         9.5 Banking Account
         9.6 Obligations of Bank
         9.7 Prepayments
         9.8 Effect of prepayment
         9.9 Prepayment on a loan

    10. PROVISION OF INFORMATION
         10.1 Obligations of Bank to notify the