Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p6
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 12430–15161

(as the case requires).".

21. Paragraph 18(l)(b):

Omit the paragraph, substitute:

"(b) the person:

(i) is not the owner of a dwelling-house; and

(ii) does not have a right of residence in a retirement village; and

       (iii) does not own an interest in shares giving rise to a company title in respect of land on which a dwelling-house is built;

    other than the dwelling-house, right of residence or company title in respect of which the advance is payable; and".

22. Paragraph 18(l)(e):

Omit the paragraph, substitute:

    "(e) if the person has a husband or wife (other than a husband or wife from whom he or she is permanently separated)—the husband or wife:

(i) is not the owner of a dwelling-house; and

(ii) does not have a right of residence in a retirement village; and

       (iii) does not own an interest in shares giving rise to a company title in respect of land on which a dwelling-house is built;

SCHEDULE 1—continued

    other than the dwelling-house, right of residence or company title in respect of which the advance is payable; and".

23. Paragraph 18(1) (g):

Omit the paragraph, substitute:

"(g) such advance will be secured by:

       (i) in the case of an assigned advance—except as provided by the agreement, a first or subsequent mortgage over the assignee's interest in the retirement village and over any other person's interest in the retirement village; or

       (ii) in any other case—except as provided by the agreement, a first mortgage over the person's interest in the holding and over any other person's interest in the holding.".

24. Paragraphs 18(2) (d) and (e):

Omit "owned by", substitute "of".

25. Paragraph 18(2)(f):

Omit "on a holding of the person", substitute "on the person's interest in a holding".

26. Subsection 18(2):

Add at the end:

     "; or (1) in the case of an assigned advance—to be assisted in obtaining a right of residence in the retirement village".

27. Subparagraph 18(3)(a)(i):

Omit "owned by", substitute "of".

28. Paragraph 18(3)(e):

Omit "on a holding of the person", substitute "on the person's interest in a holding".

29. Subsection 18(3):

Add at the end:

     "; or (g) in the case of an assigned advance—to be assisted in continuing to hold a right of residence in the retirement village".

30. After subsection 20(1):

Insert:

"(1A) For the purposes of paragraph (1)(b), the person is taken to be a borrower in relation to a right of residence in a retirement village if the person is, or will be, an assignor in relation to the advance.".

SCHEDULE 1—continued

31. After subsection 21(1):

Insert:

"(1A) For the purposes of paragraph (1)(a), the person is taken to be a borrower in relation to a right of residence in