Document ID: chunk:federal_register_of_legislation:C2024C00637:section:34:p1
Version: federal_register_of_legislation:C2024C00637
Segment Type: section
Provision Reference: s 34 (pt 1/2)
Character Range: 39017–41610

34  When subsidy becomes payable—subsidy lump sum
 (1) In addition to the other conditions in this Subdivision, all of the following conditions must be met for a subsidy lump sum to be payable to the subsidised borrower at a particular time:
 (a) the subsidised borrower must give the Secretary a request, in the approved form, for the payment of a subsidy lump sum;
 (b) the subsidised borrower must be a member of the Defence Force;
 (c) the Secretary must be satisfied that there is a reasonable expectation that the subsidised borrower will:
 (i) continue to be a member of the Defence Force for 1 year after the first authorisation day for the subsidy; and
 (ii) comply with all the relevant conditions mentioned in sections 37 to 41;
 (d) the request must state a number of months (not exceeding 48) of service credit to be accessed for the purpose of section 54 (which deals with the amount of the subsidy lump sum);
 (e) the subsidised borrower must have at least the number of months standing to his or her service credit that is stated in the request;
 (f) the Secretary must be satisfied that there is a reasonable expectation that monthly subsidy will be payable to the subsidised borrower during an entitlement period of:
 (i) if the subsidised borrower is, at the time, a member of the Permanent Forces—at least one month; or
 (ii) if the subsidised borrower is, at the time, a member of the Reserves—at least the number of months remaining in the service year;
 (g) subsection (2) (previous home ownership etc.) must not apply.
Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents (for example, in a request under paragraph (1)(a)).

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