Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p10
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 10/50)
Character Range: 94149–96946

in determining the capacity of an Entitled Person to meet the repayments; and
      (c) the Entitled Person will be generally required to meet a reasonable deposit/equity ratio. As a general guideline, 20 per cent of the value of the Property is considered a reasonable deposit. In the event that the Bank agrees to provide a Subsidised Loan to an Entitled Person who is unable to meet the required deposit/equity ratio, the Bank shall have the right to enter into a suitable Mortgage insurance arrangement in respect of the Subsidised Loan and require the Entitled Person to pay the premium in respect thereof.
         5.8 Alteration of Lending Criteria
      The parties agree that:
      (a) the Lending Criteria will be subject to alteration from time to time to reflect changes in prevailing market conditions and lending norms as evidenced by the lending criteria applied by the largest Banking Group providers of Housing Loans in Australia determined in accordance with Sub‑clause 5.15.3; and
      (b) the Bank shall notify the Commonwealth at least thirty (30) days prior to affecting any such alteration to the Lending Criteria;
    provided always that the Bank will treat Entitled Persons no less favourably than its other Housing Loan customers and that nothing in this Sub‑clause shall affect the Bank's obligations under Sub‑clause 5.9.
5.9 Factors to be excluded by the Bank
    The Bank agrees that the following factors will not be taken into account when considering whether an Entitled Person has satisfied the Lending Criteria set out in Sub‑clause 5.7:
      (a) the age of the Entitled Person;
      (b) the amount of money that the Entitled Person has on deposit with the bank and/or the period of time the Entitled Person has had money on deposit with the Bank;
      (c) the fact that the Entitled Person has never had money on deposit with the Bank or with any other bank, building society or other financial institution;
      (d) the fact that the Entitled Person has dealt, or is currently dealing, with another bank, building society or any other financial institution;
      (e) the sex, marital status, race, colour or religious beliefs of the Entitled Person; and
      (f) the fact that the Entitled Person seeks only a Subsidised Loan from the Bank and does not seek a Further Housing Loan.
5.10 Provision of reasons for rejection
    Where the Bank has rejected an application by an Entitled Person for a Subsidised Loan and the Entitled Person requests reasons for the rejection, the bank shall within seven (7) days provide reason in  writing for the rejection specifying why it considers the Lending Criteria have not been met.
5.11 Non‑discrimination
    The Bank agrees that it will not before, during or after repayment of a Subsidised Loan discriminate