Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p11
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 11/50)
Character Range: 96690–99452

seven (7) days provide reason in  writing for the rejection specifying why it considers the Lending Criteria have not been met.
5.11 Non‑discrimination
    The Bank agrees that it will not before, during or after repayment of a Subsidised Loan discriminate against or differentiate, other than as provided for in this Agreement, between persons who apply for Entitlement Certificates, Entitled Persons, Joint Borrowers and Subsidised Borrowers, and the Bank's other Housing Loan customers.
         5.12 Security
      The Bank agrees that:
      (a) all Subsidised Loans shall be secured by way of a first Mortgage over the Property;
      (b) the form of the Mortgage shall be the standard first mortage security agreement in use by the Bank from time to time for its other Housing Loan customers;
      (c) where provided for by law, the Mortgage will be registered; and
      (d) the Title shall be held in the sole name of the Entitled Person or, if purchased with his or her spouse, as a joint tenant with that person.
      5.13 Loan agreement
        5.13.1 The Bank agrees that the loan agreement relating to a Subsidised Loan shall be in the terms set out in Schedule D. The Bank may apply to the Commonwealth for approval to vary the terms of the loan agreement and the Commonwealth's approval to any such application shall not be unreasonably withheld, provided that at all times the loan agreement provides that:
           (a) the maximum rate of interest to be applied by the Bank to a Subsidised Loan shall be the Benchmark Rate;
           (b) the term of the Subsidised Loan shall be twenty five (25) years unless the Entitled Person or Subsidised Borrower  seeks a different term and the Bank agrees to such different term;
           (c) the amount of the Subsidised Loan shall be a sum within the range prescribed by the Act;
           (d) the loan shall be a credit foncier loan repayable by monthly instalments which instalments shall cover both principal and interest less the payments of Subsidy made to the Bank by the Commonwealth; and
           (e) payments of instalments are due on Rest Days.
        5.13.2 The Commonwealth acknowledges that it shall be a term of a Subsidised Loan made by the Bank to an Entitled Person pursuant to Sub‑clause 5.4 that if:
           (a) the Commonwealth declines to pay Subsidy in respect of the Subsidised Loan;
           (b) the Commonwealth at any time cancels pursuant to the Act Subsidy in respect of the Subsidised Loan for any reason; or
           (c) Subsidy stops being payable pursuant to the Act,
        the loan shall thereafter not be a Subsidised Loan and the Bank shall thereafter not be bound by the Act or this Agreement in respect of the loan and may deal with the borrower