Document ID: chunk:federal_register_of_legislation:C2009A00046:clause:2_10
Version: federal_register_of_legislation:C2009A00046
Segment Type: clause
Provision Reference: sch 2 cl 10
Character Range: 9079–10293

10  Subsection 34(2)
Repeal the subsection, substitute:

Previous home ownership etc.
 (2) This subsection applies if all of the following conditions are met:
 (a) the subsidised borrower has, at a time when the subsidised borrower was a member of the Defence Force, bought an interest in land in Australia;
 (b) the purchase results in the borrower, or the borrower and his or her partner together, holding a 50% or greater interest in the land:
 (i) no matter whether the interest is held individually, as joint tenants or tenants in common; and
 (ii) no matter whether the interest is legal or equitable;
 (c) at some time while such an interest is held:
 (i) there is a house on the land; and
 (ii) the house is occupied by the borrower or another person as a home, or could be occupied by the borrower or another person as a home;
 (d) either:
 (i) the interest in land is not the interest in relation to which the request for lump sum subsidy is made; or
 (ii) if the interest in land is the interest in relation to which the request for lump sum subsidy is made—the interest was bought before the Secretary gave the borrower the subsidy certificate on the basis of which the lump sum subsidy is requested.