Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p41
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 41/50)
Character Range: 172148–174643

that the Bank should so vary the amount of instalments, the Bank shall give one months notice to the Applicant of such variation.
       (ii) If no reference rate is set out in Item 3 of the Schedule, and the Bank is not in receipt of subsidy, then the following provision applies:—
       Upon the fixing of a new current interest rate by the Bank, or debiting an annual insurance premium as set out in Item 7 of the Schedule, the amount of each instalment payable thereafter may be varied by the Bank notwithstanding that such variation may increase or decrease the term of the loan set out in Item 2 of the Schedule. In the event that the Bank should so vary the amount of instalments, the Bank shall give one months notice to the Applicant of such variation.
       (iii) If a reference rate is set out in Item 3 of the Schedule, and the Bank is not in receipt of subsidy, then the following provision applies:—
        Once during each year until the loan is repaid in full, the Bank will review the instalments payable pursuant to Clause 4 hereof. If the current interest rate at the date of the review exceeds the reference rate then fixed by the Bank such instalment will be increased by a rate equal to the difference between the current interest rate and such reference rate. The instalments may also be increased to provide for the debiting to the loan account of annual premium/s for insurance/s set out in Item 7 of the Schedule. The Bank shall give the Applicant one months notice of any variation to the instalment.
   7. The Applicant shall have the right, at any time, to repay the whole or any part of the balance of the loan, provided however, that any such repayment shall not reduce the amount of each instalment payable thereafter except by prior agreement with the Bank.
       8. (i) The Applicant shall pay to the Bank on demand an application fee as set out in Item 5 of the Schedule.
       (ii) The Applicant shall pay a service fee calculated in accordance with the Bank's scale current from time to time. Such service fee shall be debited to the loan account on the days adopted for this purpose from time to time by the Bank. The initial service fee is set out in Item 5 of the Schedule provided that the service fee may be varied by the Bank without notice to the Applicant.
       (iii) If the loan is not drawn before the expiration of three months from the date of approval of the application by the Bank, the Applicant shall pay a commitment fee as set out in