Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p24
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 24/51)
Character Range: 222293–225116

if this is not possible by way of a second mortgage over that Borrower's holding as defined in the Act; or
       (b) where the Borrower is a purchaser under a Portfolio Contract of Sale, any additional Subsidised Advance may be unsecured.
    8.4 Instalment Relief
    The parties agree that where the Bank provides Instalment Relief, such relief will be granted by:
         (a) a reduction in the monthly instalments of the Borrower under the Specified Portfolio Asset or Subsidised Advance and an extension in the repayment term of that Specified Portfolio Asset or Subsidised Advance to cover the cost of such reduction, thereby extending the period over which the Commonwealth pays Subsidy to the Bank; and
         (b) the incorporation in the Limit of the Subsidised Advance Loan Account applicable to the Specified Portfolio Asset or Subsidised Advance of;
             (i) part or all of the amount of Arrears outstanding in that Subsidised Advance Loan Account at the date of effect of the Instalment Relief; and
             (ii) unpaid interest where agreed instalments are reduced as a result of the grant of Instalment Relief.
    8.5 Transfer of Land and Subsidy
    In the event that the Certificate of Entitlement states that the Commonwealth consents to a Transfer of Land and Subsidy and the Bank consents to such transfer after application of the lending criteria set out in Schedule "C" then the Commonwealth shall continue to pay Subsidy in accordance with the terms of this Agreement.
    8.6 Fees
    The Bank agrees that an Entitled Applicant and/or Borrower will pay no other fees and no more in fees with respect to all applications for Subsidised Advances, Instalment Relief and consents to Transfer of Land and Subsidy to the Bank than its other Housing Loan Customers. Nothing herein prevents the Bank from charging an Entitled Applicant less than the fees paid by its other Housing Loan Customers.
    8.7 Failure to meet lending criteria
    In the event that a Certificate of Entitlement indicates that:
          (i) a Subsidised Advance is to be a widow's advance;
          (ii) a Subsidised Avance is to be made for essential repairs; or
          (iii) Instalment Relief is to be granted,
    and the Entitled Applicant fails to meet the lending criteria set out in Schedule "C", the Bank agrees:
       (a) that the Bank shall provide to the Commonwealth its reasons in writing as to why the Entitled Applicant has failed to meet the lending criteria set out in Schedule "C"; and
       (b) at the election of the Commonwealth, the Bank and the Commonwealth shall meet to discuss what arrangements, if any, suitable to the Bank and the Commonwealth can be made whereby the Bank will provide the advance or instalment relief to the Entitled Applicant.
    8.8 Further Loans/Instalment