Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p84
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 214846–217756

subsections (1), (1a), (2), (3) and (4).
              (b) Omit from subsection (6) "to the Corporation".
              (c) Insert in subsection (6) "as those provisions apply as terms or conditions of a portfolio asset which vests in the Bank under subsection 6b (9) of the Defence Service Homes Act 1918" after "regulations".
              (d) Omit from subsection (6) "prescribed notice", substitute "notice prescribed in regulation 10 as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6b (9) of the Defence Service Homes Act 1918".
              (e) Omit from subsection (6) "prescribed form", substitute "form prescribed in regulation 9 as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6b (9) of the Defence Service Homes Act 1918".
              (f) Insert in subsection (6) ", together with such other documentation setting out terms of repayment as is required by the Bank," after "contract of sale" (third occurring).
              (g) Omit subsection (7), substitute the following subsection:
               "(7) The mortgage and documentation executed by the person under subsection (6) must provide for:
                 (a) interest to be payable on the amount secured under the mortgage, being the balance of the amount payable under the contract of sale immediately before the date of the mortgage, at the same rate that was payable on that balance;

SCHEDULE 2—continued

Provision           Modification
                        (b) where different rates of interest were payable on different parts of the balance referred to in paragraph (a), the amount secured by the mortgage is to be taken to be divided into equivalent parts with the rate of interest payable on each of those parts to be the same as that payable on the equivalent part of the balance;
                        (c) the repayment period for the amount secured by the mortgage to be the period over which the balance referred to in paragraph (a) would have been payable under the contract of sale;
                        (d) the amount of each monthly instalment required to repay the amount secured by the mortgage to be the same instalment required to repay the balance referred to in paragraph (a) under the contract of sale; and
                        (e) such other terms and conditions as are applicable to a subsidised advance within the meaning of the Defence Service Homes Act 1918.".
                      (h) Omit from subsection (8) "this section", substitute "subsection 19 (6) of the Act as that provision applies as a term or condition of a portfolio asset which vests in the Bank under subsection 6b (9) of the Defence Service Homes Act 1918".
Subsection 27 (1)   Omit "this Act", substitute "the Defence Service Homes Act 1918 as in force before the commencement of section 10 of the