Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p12
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 12/50)
Character Range: 99233–102015

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 as the Bank deals with its other Housing Loan customers. In particular, the Bank shall be entitled to charge the interest rate applicable to similar loans provided by the Bank to its other Housing Loan customers from the date Subsidy is declined or terminated.
        5.13.3 Sub‑clause 5.13.2 shall not apply for the reason only that Subsidy has been suspended under the Act.
5.14 Entitled Person to include spouse in certain cases.
    For the purposes of Sub‑clauses 5.3 to 5.13, inclusive, a reference to "Entitled Person" shall, where appropriate, include a reference to both the Entitled Person and spouse of the Entitled Person.
    5.15 Calculation of the Benchmark Rate
        5.15.1 Definitions
        For the purpose of this Clause:

Banking Group:               means a bank licensed under the Banking Act 1959 as amended (or under any future Commonwealth legislation relating to the licensing of banks) or a bank constituted by or under a law of the Commonwealth or of a State. Where one bank is a wholly‑owned subsidiary of another bank then both banks shall be considered to be part of the same Banking Group;
Standard Rate of Interest:   means the annual rate of interest which is applied by a Banking Group to the largest number of its Housing Loans in respect of the first forty thousand dollars ($40,000) of such loans (or such other amount as the parties may agree), in a particular State or Territory, as determined by reference to data supplied by the Reserve Bank of Australia to the Commonwealth or, if no such data are available, as the parties may otherwise agree. The expression shall not include annual rates of interest in respect of:
                             (a) Housing Loans made prior to 1 April 1986; or
                             (b) Housing Loans in which the annual rate of interest is fixed for a period in excess of twelve (12) months by agreement between the lender and the borrower.

        5.15.2 The Benchmark Rate shall be calculated by the Commonwealth in the following way:
           (a) the calculation shall be made as at the last Business Day of each Month;
           (b) the largest Banking Group providers of Housing Loans in Australia shall be determined pursuant to Sub‑clause 5.15.3;
           (c) for each of the largest Banking Groups a simple arithmetic average of the Standard Rates of Interest which that Banking Group applied on the day referred to in Sub‑clause 5.15.2 (a) in all States and the Australian Capital Territory and the Northern Territory in which that Banking Group conducted