3.4.4 Amount

The underlying principle and general intent of the legislation is that eligible persons should have once only access to the maximum loan amount of $25,000, either by way of an initial advance or in combination with subsequent additional advances and/or further advances. The amount of an additional advance is therefore restricted to an amount necessary to fulfil the purpose for which the additional advance is made, but not more than the amount calculated under the following guidelines.

• The difference between $25,000 and the total of the initial or further advance and any previous additional advance made to the person.  In deciding whether to use the amount of the initial or one of a possible number of further advances in this calculation, delegates are to apply whichever amount that provides for the client to gain equitable once only access to the maximum loan amount.  Once having gained that access, no residual is available. [Please see examples at Appendix B at the conclusion of the Entitlement GO's.]  It is stressed that the amounts of advances referred to in these calculations are the amounts actually advanced and not the current outstanding liability.