Document ID: chunk:federal_register_of_legislation:C2024C00637:section:32
Version: federal_register_of_legislation:C2024C00637
Segment Type: section
Provision Reference: s 32
Character Range: 37773–38647

32  When subsidy becomes payable—occupation of house as a home (non‑building loan)

Scope
 (1) This section applies if the subsidised loan is:
 (a) for the purpose covered by paragraph 30(1)(a) (to buy a house and land), or to discharge another loan for that purpose; and
 (b) not for the purpose of building work, or to discharge another loan for that purpose.

Subsidy condition
 (2) The Secretary must be satisfied that the subsidised borrower, or a dependant of the subsidised borrower, occupies a house on the land as a home.
Note 1: This condition need only be satisfied for the first year after the first authorisation day for the subsidy (see section 39).
Note 2: In the case of a loan for the purpose of building work, a similar occupation condition applies to the continuation of entitlement to subsidy after the completion of the building work (see section 40).