Document ID: chunk:federal_register_of_legislation:C2004A05067:schedule:1:p1
Version: federal_register_of_legislation:C2004A05067
Segment Type: schedule
Provision Reference: sch 1 (pt 1/8)
Character Range: 1521–4413

Schedule 1—Amendment of the Defence Service Homes Act 1918

1 Subsection 4(1)

   Insert:

      Consumer Credit Codes commencing day means the earliest day on which any of the Consumer Credit Codes of the States or Territories comes into force.

      court means a court of summary jurisdiction.

      guarantee includes indemnity (other than one arising under a contract of insurance).

      guarantor means a person who has given or gives a guarantee to the Bank in relation to a subsidised advance.

      mortgage includes:

         (a) any interest in, or power over, property securing obligations of a borrower or guarantor; and

        (b) the Bank's title to land or goods that are subject to a sale by instalments.

      mortgagor means a person who has given or gives a mortgage to the Bank in relation to a subsidised advance.

      other portfolio agreement has the same meaning as in the agreement.

      portfolio contract of sale has the same meaning as in the agreement.

      portfolio mortgage has the same meaning as in the agreement.

      portfolio supplementary agreement has the same meaning as in the agreement.

      subsidised advance contract means an agreement for the provision of a subsidised advance whether or not the Commonwealth has terminated the subsidy in respect of the advance.

      subsidised advance loan account has the same meaning as in the agreement.

      supplementary agreement means an agreement between the Commonwealth and the Bank, whether or not set out in a Schedule to this Act, that:

        (a) amends the agreement; and

        (b) is expressed to be a supplementary agreement to the agreement;

      as varied and in force from time to time.

2 Subsection 4(1) (definition of agreement)

   Repeal the definition, substitute:

      agreement means the agreement between the Commonwealth and the Bank made on 9 November 1988, a copy of which is set out in Schedule 1, as varied by a supplementary agreement or otherwise, and as in force from time to time.

3 After section 4C

   Insert:

4D Exclusion of Consumer Credit Codes in relation to subsidised advances

      (1) Except as provided by Part IIIA and section 35A, this Act does not exclude or limit the concurrent operation of the Consumer Credit Codes of the States and Territories.

      (2) Nothing in subsection 23A(2) or section 23H is intended to make matters referred to in that subsection or section subject to the Consumer Credit Codes of the States and Territories.

4 After Part III

   Insert:

Part IIIA—Unjust transactions

23A Power to reopen unjust transactions

      (1) Subject to this Part, if a court is satisfied, on the application of a borrower, mortgagor or guarantor, that, in the circumstances relating to the relevant contract, mortgage or guarantee, at the time it was entered into or changed (whether or not by agreement), the