Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p21
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 21/51)
Character Range: 214611–217405

on behalf of the proposed transferee in respect of the holding to be transferred.
         7.2.2 Part B of a Certificate of Entitlement may include any terms a breach of which would permit the Commonwealth to terminate or suspend Subsidy under Sub‑clause 11.15.
         7.2.3 The Certificate of Entitlement issued by the Commonwealth pursuant to Sub‑clause 7.1.4 shall lapse after the expiration of three (3) months from its date of issuance unless in that period the Bank has approved in accordance with the terms of the Certificate a Subsidised Advance, Instalment Relief or has agreed to give effect to the Commonwealth consent to a Transfer of Land and Subsidy to the person to whom that Certificate was issued.
    7.3 Obligations of Bank upon receipt of Certificate of Entitlement
    As and from 1 December 1988 or the Date of Proclamation whichever is the later, the Bank agrees that it shall, as soon as it receives a Certificate of Entitlement, consider and assess an Entitled Applicant's application to the Bank, in accordance with the lending criteria set out in Schedule "C", and advise the Entitled Applicant of the outcome of the same within fifteen (15) Business Days of receipt of such application or Certificate of Entitlement, whichever is the later. Where the application is successful the Bank agrees that it will make the Subsidised Advance, grant the Instalment Relief and/or give effect to the Commonwealth's consent to the Transfer of Land and Subsidy for or on behalf of the Entitled Applicant, in accordance with Part A of the Certificate of Entitlement issued by the Commonwealth, on the date requested by the Entitled Applicant, subject to the completion by the Entitled Applicant and the Bank of first mortgage requirements and documentation where necessary.
    7.4 Nominated Payee
    The Bank agrees that where it is specified in the Certificate of Entitlement that payment is to be made to a nominated payee, the Bank shall draw a bank cheque in favour of that nominated payee and make available same to the Borrower.
    7.5 Application of Lending Criteria
    The Bank is not obliged to make a Subsidised Advance or grant Instalment Relief or give effect to the Commonwealth's consent to the Transfer of Land and Subsidy unless the lending criteria specified in Schedule "C" are satisfied.
    7.6 Alteration of Lending Criteria
    The Bank and the Commonwealth agree that the lending criteria set out in Schedule "C" will be subject to alteration from time to time to reflect changes in prevailing market conditions and lending norms as evidenced by the lending criteria then applied by the five (5) largest bank providers of housing finance determined in accordance with Sub‑clause 11.10. Where the Bank considers that circumstances in the market justify